Looking at the VIX and its future price:
VIX 15.12 -0.12
VIX/X2 15.18 -0.07 (expire tomorrow)
VIX/Z2 16.29 -0.31
VIX/F3 18.01 -0.64
Evev with 21.54, it is good at all. Tomorrow VIX/X2 will expire. Dec and Jan is still much higher than VIX index. If VIX index stays the same at 15.12 until next expiration on Dec 19, UVXY will be 20% lower at least.
Only good nwes is that VIX appears very low indeed.
what I look at was the contango gap. It filed all day yesterday and today gave a continuation. I am worried on the push out in Januarys today. I am strictly playing an overnight gap up and dump. I'll take my chance. If gaps down, I eat it, simple as that