Below looks at the VIX (Fear Level) over the past few years. A rally had taken place in te VIX, driving it up to falling resistance and its 50% retracement level at (1), in the chart below.
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We shared the chart above last week on Twitter last week (See Here) One of the reasons Premium and Sectormembers bought XIV, was due to this pattern and a seasonal pattern in stocks (strong the last two weeks of April). The VIX index is down nearly 40% in the past week, following hitting resistance at (1). Members this morning are pulling up stops to protect gains.
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Disclosure: I am/we are long XIV.