Yes it is very arrogant to pretend you can call tops and bottoms. My profit over 3.5 months was over 50% so I took it and ran until next entry point.
One poster above me was right, you should ALWAYS be short VXX. I felt 50% was too greedy on a very large bet of my portfolio so I took it. With a money printing environment I expect the DOW to hit 18,000 in a year and a half and VXX to practically go to $1 (It will reverse split before that but...)
You should always have a portion of your portfolio short VXX (Never more than 1/3).
My reason for sitting out is simply superstition and happiness with my gains (no other reason)
Today is a good example of why you should be short VXX. This happens every single day as long as a Central Banker says he is going to print more money. It is all they know how to do - what else would he say!! Kind of comical.