The beginner is me. And my naive understanding is that high volatility = wide price fluctuations. This would mean that high volatility can occur in a rising market about as equally as in a falling market. But VIX index seems to show otherwise. VIX tends to fall on a rising market and vice versa. And sometimes VIX can make a big move, without any major news event, while the S&P500 index remains pretty flat. What I am missing here? I'm quite confused.