Lets get a thread going discussing VIX/VIX-related product space. Vol of vol seems to be the best instrument to trade in this climate because there are some interesting dynamics playing out. The first is that correlations rising is great for volatility sensitivity meaning greater ups and downs and a faster time to mean reversion. Secondly, the curve shape is also a great thing to trade with the massive shifts between backwardation to contango we saw from the recent VIX spike. I have been expressing my views on the VIX particularly with the XIV/VXX etfs. I have focused my thoughts on the front-end of the VIX curve and using the curve shape to dictate which product to long/short to put the roll behind my back. At the moment I am long XIV from the 5.8-5.9 level having added chunks to my position as well as taking some money off the table at 7.5 level we hit 2 days ago. What are you guys thinking in terms of the VIX products? Anyone have any interesting plays on?