Comprehension Competition: Volatility trading or strategy?

Write a brief review of VIX pattern observed from 01Jan08 to this date(09Jan09).With your inferences,deductions and conclusions to aid long and/or short day trading strategies.Prequisite: participants should be able to clearly describe any questions w.r.to VIX from documentation coverage on VIX at www.nseindia.com.The BEST WRITE UP will get some form of appreciation and eBook gift!
Submissions to : <Kapital.Ideas@gmail.com>
VIX historical data:

http://www.nseindia.com/marketinfo/charting/HistVIXChart.jsp?from_date=01112008&to_date=09012009

b2fnow: The question is How to define/develop a volatility day trading or a short term Volatility investment strategy with the VIX data available.

and your question is … ?