Wall Street's Fear Index is doing something strange. Here's what it means for stocks

Stocks wrapped their worst week since June on Friday, but a group of the most sophisticated options analysts agree the reaction in the options market was oddly calm. While the Cboe Volatility Index (VIX) , often referred to as a so-called fear index, did touch its highest intraday level since April on Friday, it quickly retreated and closed at 19.4. Its rollover came even as the S&P 500 finished the day down nearly 2%. For that size of a decline in stocks, the 2.2-point move in VIX was "relatively muted," according to SpotGamma's Brent Kochuba, whose analysis suggests VIX should have jumped closer to 2.6 points, based on a study of 126 selloffs since 2018.