Call Option Volume Heavy In "Fear Index" VIX is lower as the day ends in a few hours of uninspired trade. The major averages are mixed, with weakness in the Dow and the NASDAQ, but modest gains for the S&P 500. VIX is down $.26 to $19.80 and likely to close below 20 for the first time in 2008. The "fear gauge" has been drifting lower this week, as risk perceptions ease amid relatively upbeat earnings news (well, not as bad as feared). As shown in the charts, although the VIX index has retreated, the volume remains concentrated in calls which pay off if market volatility returns. Existing open interest also is heavily call-dominated, with nearly 700,000 call contracts against only 229,000 put options held by market participants... Rest Of Article Here: Call Option Volume Heavy In "Fear Index"