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If we look at 2019, the trajectory of VIX has been downward in the months of January through April; followed by meaningful spikes in May; followed by a declining VIX trend in June and July; followed by another round of increases in August and parts of September; and, finally, followed by a downward trend from October through present day. Obviously, the periods of heightened volatility in May, August, and September were corresponding to market worries, such as trade war uncertainty, Fed unease, yield curve inversion, and, more importantly, recession fears.