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A sharp reversal in the stock market's fear gauge means the worst is over for investors, Fundstrat says

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The CBOE Volatility Index, better known as the VIX , soared 172% intraday to the 65.73 level on Monday .

The VIX hit its third -highest level ever on Monday due to a violent unwind of the yen carry trade.

Since then, it has sharply declined, falling from 65 to 27 on Tuesday , representing a peak-to-trough decline of 58% .

Fundstrat 's Tom Lee says the decline is a sign the worst of the stock market's "growth scare" is over.