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This is where the misinterpratationn of volatillity occurs. Although volatility is 88% correlated to a downward trending market, to go down is actually normal! Go figure!By the paltry rise in VXX I would still say the only way to play this is sell now and go short. The morning spike will be met with acceptance. I suspect volatility to subside through out the day.But even if this went up 100% today, I'd still be short ;) There is very little worry. I doubt this would even hit 20 to tell you the truth, let alone 30!!
I bet Bernanke would short 5 billion shares at 20 to shore up the Fed balance sheet.