Dan comments on the upward pressure on the VIX as the market moves through the third week of earnings. A full 35% of the S&P 500 components report earnings this week. The market has shown the ability to make measured strides higher over the past two months. Short term the VIX indicates that uncertainty in the market is contained, however looking at the term-structure of the VIX futures there is an indicatiion of increased volatility as we move into next year.