I was in the bookstore last night and was reading a tech. analysis book by the guy who invented the MACD indicator. He pointed out that the VIX is useful for calling bottoms but has found no correlation between the market tops and extremely low volatility.
Today I also found an interesting link on The Big Picture's linkfest. It was an article by Mark Hulbert, whom I read regularly, so I was surprised that I missed it. "How low can it get?"
Finally, if you didn't know, anyone with an email ending in .edu can get a free RealMoney.com membership until March 07. Pretty cool, as long as one ignores that Jim Cramer guy. I like Rev Shark and Cody Willard, but don't pay attention to the technical analysis guys. They really suck. I don't see many post by Barry Ritholtz anymore. Too bad, because he used to be a nice contrast to all of the perma-bulls on the site.