The Globe and Mail reports in its Saturday, March 7, edition that the Volatility Index (VIX), Wall Street's fear gauge, rose slightly last week but not enough to indicate panic. The Globe's Darcy Keith writes that it rose to 28 on Friday as oil prices surpassed $90 (U.S.) a barrel and stocks declined, up sharply from around 20 a week earlier before the U.S.-Israeli strikes against Iran. Traders use the VIX to identify the capitulation stage. Economist David Rosenberg looked back to what type of VIX levels were reached during past major crises and found we are still far away. "If you are ever trying to time the bottom of the stock market at any time amidst a true crisis, just rely on the VIX. In the past 19 crises since 1990, the capitulation/washed-out buying opportunity took hold when the VIX hit 44, on average." Strip out the extreme levels reached during the global financial crisis in 2008 and COVID-19, the average is still around 40. Mr. Rosenberg said in a note on Friday, "I recommend keeping a close eye on the VIX and be sure to treat any move to or above the 40 threshold as a tried, tested and true capitulation metric." For now, he says, be patient but be ready to pounce.