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Volatility Takes a Holiday Vacation

The much discussed "investor fear gauge", or the VIX closed below $50 for the first time since it closed at $47.43 on November 4. In the same week, we saw the Dow have its first back-to-back days without triple digit moves since September 3. Are these the signs of market that is finally stabilizing or is fatigue simply setting in?

Last night on Fast Money, Pete Najarian said that the VIX is moving significantly lower and that signals that panic is not in the market. Say what you want about Bernanke's plan, the market is liking it.

Others, however, believe that this is just a respite as the holidays approach. People are tired and focused on the upcoming holidays. Traders are not looking to be long the VIX over Christmas. This morning on Squawk Box, financier Wilbur Ross said that he is not yet seeing evidence of a recovery for awhile ahead.

Whichever side you take, this has certainly been a record year. In the 244 trading days so far this year, the Dow has had 142 days with with triple-digit moves and the VIX hit highs in the eighties. This is only the third year in history with more than 100 triple digit moves in the Dow. The previous record was 118 days set in 2002.

Today, the Dow opened up slightly, led by Coke , Citigroup , Johnson and Johnson , United Technologies , and AT&T .

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