The CBOE Volatility Index (.VIX) is down 2.31 to 37.69 and hit three-month lows of 37.57 after the S&P 500 (SPX) moved to 919.07, just above its mid-December highs (918.57 on 12/8 and 918.85 on 12/17). SPX briefly broke above its 50-day (exponential) moving average after this week’s 5.85 percent run higher. VIX is at its lowest levels since Sept 29 and not far from SPX 20-day Historical Volatility of 36.8 percent.