Realizing that VXX is not the perfect vehicle for VIX, considering that a) it is based on and meant to track VIX futures, not index rate, and b) can experience contango. That said, it still has very high negative correlation to S&P and I can see no better way to capture long term inverse exposure to this market without leveraging up in shorts of individual equities. Inverse S&P ETF is not a long term vehicle as it's targeted to end of day returns only. Any thoughts on a better way to do this? VIX is still dropping, and my short term thought was to wait for if it hits the 12-14 range and load up on more VXX. I just don't see how the contango leak could work against VXX badly enough before another shoe drops in this market. Also, just take a look at the increase in volume in this ETF, there has been a massive renewed interest since the end of December and through this first month of 2010 so far. Would appreciate thoughts for against this viewpoint. Obviously if you think the market is headed higher indefinitely, you're not going to see the merit in this approach.