The VIX is the volatility index -- basically measuring how much prices are expected to CHANGE in either direction. Since the SPY is up 3% today (when an average up day since 1950 is 0.66%), the volatility remains extremely high.

Most folks are looking for a fast rush up to the long term moving averages (around 1250) before a renewed bear market. That's a LOT of price movement. The VIX should stay relatively high until a new bull market begins.