The VIX index has spike over the last few days due to the omicron strain, but it could be overhyped and fall hard.

The VIX index measures the level of volatility in the markets. On a spike the index does come down, but the spike can be very large. Timing is a lot when trading the VIX index, but if timed right can be very profitable.

From a technical aspect the VIX looks prone to fall. That being said, it's all about coronavirus and the new variant, omicron. If more stories develop then the VIX index could spike further towards 30, then 32, then 40. And it could get there. However, it will come down once the virus talk blows over. When it does, it will likely level back off at the 20 region.