I have played this 3 for 3 lately intra-day. I can not see shorting it here. With max contango, roll and the like with market at all time highs it would be the craziest thing to buy this product. However it would be considered counter-intuitive to do so. And so I have. I am cleared for the day....Last sell 23.80.
good job trading pops. I think it was due for a pop with the SPY so overbought, but those who think this was going to behave like it did before the fiscal cliff will be disappointed. There is not much that would really move this up dramatically other than that "VIX was cheap", and this thesis is going to be countered almost entirely by contango, which basically means jigsaw behavior for the next couple of weeks. Not a great long or short story here.