yes, crazy osscilation from 20.50 to 21.50 and back again about 10 times. Just shorted more vxx at 20.85. dangerous time to short in some ways when vix is above vix futures but the likely outcome is for vix to fall and vxx to fall tomorrow. Fading the spikes is a high probability success trade.
I think people may have bought in to the NAV trap. NAV is way higher than 20.52 but the VIX could drop 10% tomorrow easily. Yes, there is some risk but I doubt VXX gets up as high as 22 unless another shock happens soon- most likely down to 19 or 19.50 area at op-ex. That spike on the marathon bomb was nuts. It looks like they're now calling the guy a "person of interest", if we get more information that he's the guy, this thing will plummet.