Still on an "exit" from the subsystem and VXX has pretty much behaved as expected since Jan. 23. I do think that some of the froth in the short trade has been worked off. I think the "short and hold" crowd is probably okay again from here.
In all seriousness I think right now the correct trade is long volatility and long a leveraged stock portfolio. If indeed this is a blow off top we should see volatility (and esp. the back end of the futures curve) stop dropping soon.