CBOE Volatility Index (.VIX) jumps 1.04 pionts to 21.51 on reports S&P will downgrade several Eurozone countries. According to Reuters, “A senior euro zone source said S&P would announce the downgrades of several nations later Friday, adding that Germany was not one of them.” There hasn’t been much of a reaction in the VIX pit thus far, as 18,000 calls and 20,000 puts traded in the first 30 minutes. In fact, January 21 puts, which are expiring Wednesday and have only two trading days of life (including today) remaining due to the exchange holiday Monday, are the most actives. 10,660 traded (75 percent Ask). VIX is down 8.1 percent in 2012 despite the ongoing concerns about problems in the Eurozone and, at 21.51, doesn’t seem to reflect any grave concerns about another uptick in overall levels of market volatility going forward, as domestic economic news has improved and players now await a flood of Q4 earnings reports.