The CBOE Volatility Index (.VIX) is up 1.02 to 20.45 and not far from session highs (20.51), as risk perceptions rise aheaad of the three-day break. With 15 minutes left to trade, the S&P 500 Index (.SPX) is down 15 points from yesterday’s levels and off 7 points on the week. The VIX is higher as actual levels of volatility have not yet subsided. The 20-day statistical volatility of the S&P 500 is near 23 percent. Just as important, investors are bracing for event risk next week. Although the earnings calendar doesn’t hold much market moving potential, investors are understandably a bit more cautious amid the uncertainty from Hurricane Gustav as well as a busy economic calendar next week, which concludes with key payroll data on Friday. Consequently, trading is cautious and players are taking money off the table. Stocks, bonds, gold are down. Crude drifted back to unchanged. VIX is higher going into the historically volatile months of September and October.