As of this moment my weekly index shows this to be the second or third worst time to short VXX in the past 52 weeks. My r2 is only about .65x but the odds are NOT in the short's favor. Last Friday (and really all of 2012) was a gift to shorts. It is over now and the sledding will be MUCH tougher.
Major risk of a blow off top here where the market AND VXX go up together.
The great thing about VXX is that it is never ending. Shorting right here, right now you still make the same amount of money as if you had shorted today at 9:30. I am sure you do not get that yet. Hehehe. I have too many other concentrated bets to play with VXX right now. Soon enough. ;)