The problem is that it is a cycle that is happening every month. When it rolled to April you had the 22 range there and cash in the 15 to 16 range? I'm no expert but it looks to me like April futures are falling to the cash or they will meet in the middle. Cash is 14.95, April is still 17.38. Looks like a further fall to me. Then, you roll into May in a month and May is 20.73 right now, so you start the cycle again, falling to meet the cash. That's why this decays, when you roll to the next month you don't jump to the next month, that month falls to the cash. It cost me a good amount to learn that lesson but I think I got it right. That's why it keeps falling and will keep falling, month after month until you get an event that kicks the vix up. Problem with me waiting is I would be broke by then. Good luck.
Ding ding ding! Cost me 4K to learn that lesson. I'm only in this when futures are near spot for a quick trade...would go long if/when it'd get into backwardation. Just circling waiting for things to line up like that...otherwise, STAY AWAY!!! You cant time/predict when VIX is going to rise. Only the big boys that control the calls/puts can and they manipulate it to their advantage. Easy as pie.
Oh, it'd be so nice to have that kind of coin to just move these particular instruments however you wanted
The one thing that I have noticed is that futures have almost never fallen below $17 even in the most complacent times in 2011 except for the few days before expiration. So uvxy should have hit a bottom today for the next three weeks and if we get any sizable selloff it should have a huge pop.