Wall Street's VIX fear gauge recorded its largest single-day intraday swing since April, with traders arguing that volatility should be even higher. CNBC reported that on Thursday, November 5, the VIX index swung more than 11 points from low to high intraday, marking its largest single-day swing since April 9, while the S&P 500 fell 3%. Traders pointed out that, based on the rule of thumb that every 16 points in the VIX corresponds to a 1% move in the index, current volatility still has room to rise further.