Especially when market tops, contango of VIX is not a problem, Actually it fuels more upside when they see paying a little more of premium. One finished, new one remains, but in tight gap. It's time to go get VIX, people.
Sorry to be cynical but contango's not a problem???
Suppose we had two rival football teams meeeting weekly, Contango and, of course, the Ravens.
It's bad enough the Contangans have to face the Champs but they must also deal with their 10% contango.
Week 1, they are evenly matched
Week 2, the Contangans may field 11 for 6 minutes, then only 10 players
Week 3, another 10% less, only 9 players
Week 4, 9 players for 6 minutes, 8 players the rest of the game
IF VIX trading was that so easy just following Contango blindly, why don't you grab a auto trading software and set a rule on it tracking VIX future contango and TVIX short position action. It's only around $300, Google will give multiple softwares tracking two selected tickers.