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* 1. The VIX provides an estimate of the market expectation of volatility in the S&P 500 over the next 30 days, using:

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* 2. If the VIX is 12, this means there is a 68% chance that the absolute value of the S&P 500’s return will be less than:

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* 3. The higher the VIX, the more      there is among market participants.

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