As nice as today was, the VIX futures are not giving the all clear yet. Ignoring the January contract (it has a week to go) one can see that the VIX Feb future is trading at a nice premium to the March future still. Meanwhile, in the further back months, the throttle has come off and the market appears to be willing to bet that 'extreme' volatility is more short dated. Even so, this curve does not scream 'safe.'
The comment out of many 'pundits' is that the SPX while selling off, has been quite orderly. I mean, here we are down 100 points in 4 days and the VIX is barely 25%. That said, there is one area of the market that is a bit panicky...aapl investors. Check out the way AAPL vol has completely outpace the trajectory of SPY IV30 over the last couple of days. (AAPL IV30 in red SPY IV30 in blue)