For readers who want to know what these 'indexes' are based upon:
1. VIX - based on options volatility (I think).
2. TRIN - ratio of NYSE breadth vs. volume breadth
.... formula: ((advancers/decliners) / (volAdvancers/volDecliners))
.... example1: advancers=1k, decliners=1k, volAdv=1M, volDecl=1M, TRIN=1.00 (normal)
.... example2: advancers=1k, decliners=1k,
volAdv=1M, volDecl=2M, TRIN=2.00 (bearish)
.... example3: advancers=1k, decliners=1k,
volAdv=2M, volDecl=1M, TRIN=0.50 (bullish)

Bill,

I cheated and looked up the precise definition of VIX from Investopedia via the CBOE.

The ticker symbol for the Chicago Board Options Exchange (CBOE) Volatility Index, which shows the market's expectation of 30-day volatility. It is constructed using the implied volatilities of a wide range of S&P 500 index options. This volatility is meant to be forward looking and is calculated from both calls and puts. The VIX is a widely used measure of market risk.

The index is often referred to as the "investor fear gauge".

Tough loss for the Oilers last night.

Bill-

Dow just crossed the psychologically important 11000 line. If it closes below there that will really shake the bulls IMHO. This Dow rally to Six Year Highs! was a lot of what they were hanging their hats on.

Mark, do you an opinion about the psychological importance of the S&P 500 holding 1250? TIA

Moee significant than the recent surge of volatility is the "volatility" of the volatility. Clearly the path of least resistance is higher-a disturbing trend for the perma bulls. Volatility on a monthly basis double topped in July of 2002 (about the same level as 9-20-01)and began a persistent slide for 3 years before beginning to base late last year. The huge jump in vol last month (low of VIX 11 to the high of nearly 20) is the "large bar" kick off to a new bull market in volatility. Recent pronouncements by helicopter Ben to mesh Fed policy decisions with the most recent economic data fits in nicely with a new higher volatility environment, as does US corporations curtailing mid quarter guidance updates. With the possible exception of the blow off stage of the internet craze, higher volatility means a bear market. Submerging markets have caused eventual distress in the US market (anyone remember Indonesia and Russia in 1997 and 1998) and recent weakness in some of those markets probably foreshadows trouble later this year in the US. Although there will be sharp rallies through out a bear move, those will be opportunities to raise cash and put on short positions. Especially vulnerable will be the transports which have led the market from the March-April 2003 lows. This index took out a monthly low today and has no support for another 800 points (17%). Anytime the VIX approaches the 14-15 area the stock market will be vulnerable and traders should consider buying 2007 or 2008 puts as their historic prices are relatively inexpensive.

Off topic:

This is something that I found very useful for looking up stock charts:

Go to
http://en.wikipedia.org/wiki/Bookmarklet
and follow the instructions for creating a "Bookmarklet" on your browser. Then remove the following section of javascript:

'http://en.wikipedia.org/w/wiki.phtml?search='+escape(q)

and change it to say:

'http://stockcharts.com/h-sc/ui?s='+escape(q)+'&p=D&b=3&g=0&id=p04016666467'

And presto, you're done!

With this in place, you can highlight a stock symbol in your browser, and then click the Bookmarklet, and you will have a Stockcharts daily chart of that symbol. Alternatively, you can click the Bookmarklet without having anything highlighted, and it will bring up a dialog box where you can enter a stock symbol.
Note that you can modify the format of the chart by modifying the tail of the URL. The example I gave is simply my preferred format.

You can create Bookmarklets for Wikipedia, Google Finance, and many other web services.

Hopefully this was helpful to someone out there! Keep up the good work Bill!!