Mark Hulbert on the value of VIX as a contrary indicator

Unfortunately, my research suggests that the CBOE’s Volatility Index (VIX, 13.53 close)  leaves a lot to be desired as a market-timing indicator. In contrast to what many contrarians believe, low VIX levels are not bearish. And high levels are not necessarily bullish either.

~ Mark Hulbert, "Letting the VIX tell us when to get out," MarketWatch, March 6, 2013