The CBOE Volatility Index (.VIX) is trading down to session lows. With 15 minutes left to trade, the market’s “fear gauge” is down 2.18 to 21.31. VIX slipped early after falling crude oil and mostly upbeat stock news (earnings from PG and an analyst upgrade of AIG) helped put a floor under equities in early trade. After falling more than $4.00 a barrel Monday, crude made a run to $118 a barrel Tuesday morning. A better than expected reading from the ISM Services Index, which showed modest improvement in economic activity outside the manufacturing sector last month, lifted the major averages in morning trade and heading into the Federal Reserve Open Market Committee post meeting statement. When the text was released at 14:15 Eastern time, and Fed officials didn’t color outside the lines, stocks were able to sustain some upward momentum heading into the close. Consequently, fear eased. The benchmark ten-year Treasury is down 9/32nd, gold plunged $27 to $881 an ounce, and VIX is back to the lower end of its recent trading range.