Following you’ll find our latest installment of the Fast Money Volatility Playbook.

The Vix is calming down a bit in the U.S., but volatility is still heating up in Europe. Now what?

Find out from Jim Iuorio of TJM Institutional services to break it down.

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Trader disclosure: On Sep 13 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Seymour owns Apple (AAPL); Seymour owns Bank of America (BAC); Seymour owns Intel (INTC); Adami Owns (AGU); Adami Owns (MSFT); Adami Owns (NUE); Adami Owns (BTU); Adami Owns (C); Adami Owns (GS); Adami Owns (INTC); Finerman and Finerman’s firm own (AAPL); Finerman owns (BAC) and Finerman’s firm own (BAC) leaps; Finerman owns Microsoft (MSFT); Finerman owns Google (GOOG); Finerman owns JPMorgan (JPM) calls, puts and stock; Finerman owns Oracle (ORCL); Finerman’s firm owns Collective Brands (PSS); Finerman’s firm owns JPMorgan (JPM) puts; Finerman’s firm owns (CMI); Finerman’s firm owns Microsoft (MSFT); Finerman’s firm owns IBM (IBM); Finerman’s firm owns S&P 500 puts; Finerman’s firm owns IWM; Finerman’s firm owns MDY; Finerman’s firm owns SPY; Terranova owns (XOM); Terranova owns (DIS); Terranova owns (WFM); Terranova owns (LULU); Terranova owns (MSFT); Terranova owns  (TM); Terranova owns (JWN); Terranova owns (ORCL); Terranova owns (PEP); Terranova owns (MA); Terranova owns (BX); Terranova owns (GS); Terranova owns (DAR); Terranova owns (CAT); Terranova owns (VRTS); Terranova owns (AAPL); Terranova owns (CAT); Terranova owns (CVI); Terranova owns (IBM); Terranova owns (FCX)

For Joe Terranova
Terranova is Chief Market Strategist of Virtus Investment Partners, LTD
Virtus Investment Partners Owns More Than 1% Of (ABAX)
Virtus Investment Partners Owns More Than 1% Of Building Materials Holdings
Virtus Investment Partners Owns More Than 1% Of (CASS)
Virtus Investment Partners Owns More Than 1% Of (CSVI)
Virtus Investment Partners Owns More Than 1% Of (EXR)
Virtus Investment Partners Owns More Than 1% Of (KRC)
Virtus Investment Partners Owns More Than 1% Of (LHO)
Virtus Investment Partners Owns More Than 1% Of (NRCI)
Virtus Investment Partners Owns More Than 1% Of Sun Pharmaceutical Industries Ltd
Virtus Investment Partners Owns More Than 1% Of (RLI)
Virtus Investment Partners Owns More Than 1% Of (XLB)
Virtus Investment Partners Owns More Than 1% Of (XLV)
Virtus Investment Partners Owns More Than 1% Of (XLP)
Virtus Investment Partners Owns More Than 1% Of (XLE)
Virtus Investment Partners Owns More Than 1% Of (XLF)
Virtus Investment Partners Owns More Than 1% Of (XLI)
Virtus Investment Partners Owns More Than 1% Of (XLK)
Virtus Investment Partners Owns More Than 1% Of (XLU)
Virtus Investment Partners Owns More Than 1% Of (SUBK)
Virtus Investment Partners Owns More Than 1% Of (WDFC)
Virtus Investment Partners Owns More Than 1% Of (YDNT)
Virtus Investment Partners Owns More Than 1% Of Domino's Pizza UK & IRL PLC

For Jim Iurio
Iuorio is long Microsoft (MSFT)

For Katy Huberty
Morgan Stanley Owns 1% Or More Of (AAPL)
Morgan Stanley Expects To Receive/Seek Investment Banking Compensation From (AAPL) In Next 3 Months
Morgan Stanley Has Received Non-Investment Banking Compensation From (AAPL) In Last 12 Months
(AAPL) Is Or In Last 12 Months Was An Investment Banking Client Of Morgan Stanley
(AAPL) Is Or In Past 12 Months Was A Non-Investment Banking Client Of Morgan Stanley
Morgan Stanley & Co. LLC Is A Market Maker In (AAPL)

For Mike Murphy
Rosecliff Capital owns (CMI)
Rosecliff Capital owns (CNW)
Rosecliff Capital owns (TWI)
Rosecliff Capital owns (ANF)

CNBC.com with wires.