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Volatility Index (VIX).
It generally refers to about how choppy the market has been the last 200 days. The VIX is like a gauge of the anxiety levels of the market: Is the market chewing its nails and rocking back and forth or more sunning itself in the corner and taking a nap?
The VIX also helps price derivatives.
Here's the VIX. Makes you kind of anxious to look at it, doesn't it?