This post appeared earlier today on RealMoney. Click here for a free trial, and enjoy incisive commentary all day, every day.Perhaps we will look back at this era and say, "We used to think the VIX was so important, but it ceased to matter. The volatility index was a precursor to a sell, not a buy." My prized oscillator has stayed negative well beyond what I thought possible. Bull and bear has shown a plethora of bears forever. Didn't matter. That's because, in the end, equities can be converted quickly into cash, especially S&P 500 names, and cash is so king that you would sacrifice any amount of points and performance to raise it. All weekend I worked like a banshee to find out how "in trouble" major accounts were. We heard from Citadel last Friday that they are actually doing well, that they have cash -- they have debt too, but I guess that doesn't matter to a hedge fund -- and that people want very much to invest in them despite their being down 35%.