VXX getting interesting here, IMO.

Last 4 days the lows are getting bought and it appears to be setting up a coiled spring. Doesn't have to pop here and could easily get "simmered" away instead of boiling over.

I do expect a pop relatively soon...in fact the setup could already be in place, with the SP500 up 80+ points since the "lows" in the first trading day of the year and VXX barely down 75 cents since then. I'm thinking that a $2 or $4 pop in VXX is very possible at some point in the next week or so. Not sure it's going to happen but the setup is starting to look ripe. Using a 5 to 1 ratio of VXX to XIV, that would be similar to a $10 to $20 fall in XIV.

Naturally, with the coiled spring aspect those price targets could get much larger but there is so much "buy the dip" out there, I think being conservative makes sense.