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The CBOE Volatility Index (.VIX) is down 1.09 to 20.05 and briefly made a run below 20 for the first time since late May after the major averages were able to shake off early weakness and build on Tuesday’s big gains. After a 36-point rally Tuesday, the S&P 500 Index (.SPX) is up 3.3 points heading into the final 30 minutes of trade. Most of today’s gains in the equity markets came in afternoon trading as crude oil faltered once again. Crude is down 87 cents to $118.30 and hit three month lows of $117.11 a barrel midday. Bonds recovered some losses, but the benchmark ten-year Treasury closed down 4/32nd, keeping its yield just above 4 percent. Gold is little changed at $886.6 an ounce. VIX is testing the 20 level ahead of earnings from AIG after the closing bell and weekly claims, July retail sales numbers, and pending home sales Thursday morning.