All hell is breaking out in Greece and risk assets like stocks and commodities are selling off sharply.

Three days ago, we noted that the CBOE volatility index (VIX), popularly known as the "fear index," had fallen precipitously from its highs suggesting complacency.

Today, the VIX is up 10% to 20.48.  This is also the third straight day of gains for the fear index.

However, it's worth noting that the VIX is still well off its recent highs.  For some perspective, here's a five-year chart courtesy of Bloomberg:

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See Also:

• STOCKS SLIP AND GREECE GETS NOWHERE: Here's What You Need To Know
• World Markets Are Going Nowhere -- Still No Outcome In Greece
• A Beautiful Chart Showing 3-Decades Worth Of Panic And Euphoria