^VIX +6.94% 15.41 - Here is my point - This is the VIX up 6.94%
TVIX +6.65% 3.26 - TVIX is a 2x and it is less than the VIX
UVXY +7.19% 14.61 - UVXY is a 2x and it is just barely above the VIX
VIXY +3.59% - VIXY is a proxy for the VIX but it is way below the move in the VIX
It looks like TVIX and UVXY are growing while the VIX pulls back so things are starting to return to the mean, but it looks like the complacent markets and over-confident talking heads on CNBC are finally noticing some reality and fear enter the marketplace again.
I know that the volatility instruments don't track the VIX perfectly, but today they are way behind and TVIX, UVXY, and VIXY need to play catch up. The VIX itself has had a larger increase than the 2 x VIX proxies.