For another view read this post by Adam Warner at the Daily Options Report. $VIX spot tested 16 again recently.
VIX Spot (Volatility Index)
Now for the VIX Put/Call ratio courtesy of Schaeffers Research. The put/call ratio hit a low of 0.30 before the Flash Crash (April 2010) and start of the correction. It hit a high of 0.99 a few months ago and now stands at 0.51. So we're not testing crazy lows in puts relative to calls open like we saw before the flash crash. I'd like to see more data.
|Courtesy of Schaeffers Research|