This thing may seek to mirror the VIX on average, but it does that by being up 1/2 as much and down 2x as much. Frustrating. I was looking for a vehicle to go long the VIX and bought the VXX at $24 when the VIX was $12.50.
There may be more in store. Notice that at market close today, the dow and S&P sold off. Yet, so did VXX to some degree. I am just saying, just as VXX has been trading up with the market for last three trading days, VXX may very well trade down if the market goes down. But, it has done this before. So you longs, I am sure, are already aware of this!
Yeah, the VXX is going to see some trending from the pattern. For the VXX to start outperforming the VIX, we going to need to see a trend of increasing VIX, rather than a trend of decreasing VIX. The last week has been encouraging, but we need a longer trend to see better performance in VXX.