>This market is really bad and still the VIX is tame something has to give:)<
Exactly. A couple of weeks ago, the VIX started to catch a bid, but as soon as we saw a few up days in the market, it fell down to amazingly low levels. That suggests to me that people are still way too optimistic, and there's quite a bit of downside in the markets. How far CCJ will be sucked under is hard to say. It's already had quite a drop, but if the SPX drops, CCJ will definitely suffer from the effects.