If you have the power of God and can perfectly play the up swings and down swings than more power to you.
Wait until the futures are back in contango if you want to play it as safe as possible.
I'd rather buy right here right now while we're in backwardation and be patient.
I took a loss today. I was day trading this for a little while but I kept a sizable long position and got burnt with the volatility. I should've sold after hours Tuesday and took a profit.
Read the other XIV topic that someone created today. It's got a lot of information. I still think XIV's a good vehicle going forward but with so much uncertainty in Europe and deep backwardation for at least another week, I had to sell. Good luck.