For anyone who blindly taking long position of UVXY (I was one of you.), my suggestion is that you need step back, and spend some time to do some homework. UVXY behaves exactly as it should be this week.
UVXY is designed to go to 0 in the long run. This is a mathematical truth. So let's don't argue about it. However, this does not mean you cannot pick up some prize from time to time. For example, today at the close is a very good entry point. Pay attention to the front month future price. Spend some time understanding its mechanism, and it can be very rewarding.
Turn off your CNBC channel and other #$%$ news manipulating psychological experiment data source, focus on the simple basic facts.
This will be a good year for bears. But instead of wasting your money buy and hold UVXY, short the market directly, and if you still have some spare time, study the underlying mechanism of UVXY and pick up some free money very now and then.
I think it did bottom today, but it could go to $10 and then throttle back up after the correction. People, the mrkt is going up on soft earnings that were adjusted down many times and companies are just hitting them. This could get ugly for people going long in the mrkt....
It will hit $15 before $10. However, for people who don' t have time to study or don't have time to monitor this #$%$ minute by minute, a Jan 2014 $2 put is selling at a bargin. Buy some then collect your money next year.