Vix

"The first magical indication is that any reading above around +20% is a pretty good sign of an oversold bottom for stock prices, one that is worthy of a bounce.  It does not seem to work the same way when we look at extreme negative readings for this indicator.  Remember that the VIX is a fear indicator, and so the sudden development of fear which produces a high reading on the 7ROC is not the same phenomenon as a sudden abandonment of fear.  Deeply negative readings for this indicator are usually seen at the kickoff of a strong up move, and not at the end of one."
http://pragcap.com/the-vix-rate-of-change-is-more-important-than-its-level