Market Sentiment: VIX Heads for Biggest Seven-Day Drop on Record

Bloomberg is reporting that VIX is heading for the biggest seven-day drop since records began in 1990:

(Bloomberg) The benchmark measure of U.S. stock options headed for the biggest seven-day drop on record as the country’s economic growth was revised higher and concern about the Japanese earthquake eased.

The VIX, as the Chicago Board Options Exchange Volatility Index is known, fell 4.6 percent to 17.17 at 12:01 p.m. New York time, extending its retreat since March 16 to 42 percent. That’s the biggest drop over the same number of days in the history of the VIX, which stretches back to January 1990.

Is that a sign of post panic reaction?

HT to SS for sending me the link