It hasn't paid in recent months to bet against sell signals issued by the VIX. Of course, a sell signal is given when the VIX makes a new low. (Yes, I know that there are those among us who think that a new low in the VIX is bullish. But apparently they have never taken the time to overlay a chart of the VIX on top of an S&P chart. That's all it takes to put this bit of nonsense to rest.)