The Volatility Index (VIX), a key measure of market volatility, has dropped to 13.99, its lowest level since July, and is nearing the 12-point range. This marks a significant decline from its spike above 65 points in early August, which was driven by fears surrounding the unwinding of the Yen carry trade. The VIX has averaged 15.5 points in 2024, the lowest yearly average in five years, despite heightened market activity and a strong bullish sentiment among stock investors.