Irrational Equanimity Revisited

The VIX, the Chicago Board's index of implied volatility of equity options, which provides a handy guage of market expectations for short-term volatility in the S&P 500, touched 19 during the disorderly tumble in global markets yesterday.  This is being ascribed to the fall in Shanghai, a fenced-in market.  It doesn't make any sense to be, but then neither has the  behaviour of the markets in the last few  months.  Still, I'm feeling somewhat vindicated.