Jumped from 18.44 closing on April 29th to an intraday high of 25.70 on May 4th (a 40% gain). It closed at 23.84 on May 4th (a 30% gain) from just 3 business days prior.
There were no major events (at least no more than now). Watch out if history repeats itself. The market can be very routine in this type of mode. "Sell in May and go away" has been the theme for decades now and if we start that process next week, the VIX is likely to go substantially up. If it hits 25 from here, this is over a 70% move, which can translate into about a 50-60% move for the VXX given where the May and June options currently sit on the VIX.
Once the mood changes, there is money to be made in the VXX. See ya Monday
oh sorry, meant to mention that not only 3 business day beyond that, the VIX closed at 40.95. So from April 29th to May 7th the VIX went from a closing of 18.44 to 40.95. Check it out for yourselves by searching BigCharts Historical Quotes.
first, VXX is not VIX second, this is not "last May" third, dont count on it fourth, dont count on it fifth, do not use VXX as a short sixth, there are better ways to short seventh, shorting has been huge mistake eigth, would not go long the market ninth, going long has been very profitable tenth, resistance is futile