VIX Plunges to Early-August Low (But VXX still Hasn't Filled the Gap) VIX; VXX

The VIX is currently at 25.90, down 3.96 (13.30%)
The VXX ETN is trading at $38.08, down $3.95 (9.40%)
The gap is between $33.53 and $36.66.

From MarketBeat:

The CBOE VIX Volatility Index is retreating amid a global equity rally kickstarted by agreements on Europe’s sovereign debt.
The VIX recently had sunk 16% to 25.10, its lowest intraday reading since Aug. 4....MORE

There is still some downside, here's the iPath S&P 500 VIX Short-Term Futures ETN:

While the VIX itself doesn't have "market memory" the ETN does.
On August 17 VXX closed at 33.53. On the 18th it opened at 36.66 and closed at 40.47 on volume of 102,205,184.
Yesterday the volume was 22,695,065.