The Vix, Wall Street's so-called fear index, has been elevated for obvious reasons lately. Things calmed down last week, with the Vix falling below 30 for the first time in 11 trading days. That could be a good sign, says LPL Research's Ryan Detrick.

He looked for other instances where the Vix fell below the much-watched 30 level following a relatively lengthy spell of market volatility. Three months later, stocks enjoyed median gains of 9 per cent. Six months later, the median gain was 16.3 per cent. A year later, stocks were higher 11 of 12 times, averaging gains of almost 22 per cent.

Of course, one can never put too much weight on any one indicator, and bears would counter that other sentiment metrics are less encouraging. Still, after a nervy few weeks, investors will hope better times lie ahead.