When Arena Pharmaceuticals (Nasdaq: ARNA) released positive Phase III data on its obesity drug, Lorcaserin, many people expected shares to take off. After all, the company’s press release on Monday confirmed that the drug had proven to be safe and effective.

This may turn out to be the week options traders have been waiting for. Since this economic crisis began to unfold in early September, the CBOE’s volatility index (the VIX) has soared to record levels. Only recently has the upward pressure begun to wane.

Today, the situation for the VIX is looking quite intriguing. The highly watched index found the momentum to drop below its 50-day moving average. The VIX is currently indicated at 58.93, just below the moving average’s level slightly above the 60 level.

This is only the second time since the end of August the index has traded below its 50-day average. The last time was in late November and the trend lasted for just a few trading sessions.…