RISK does happen fast and it is easy to get caught short $vxx and because of that it is a dangerous thing. In a bull market remember any short $vix spike is normally faded pretty hard and can create some easy money shorting $VXX or being long $XIV. Take a look at the chart of $VXX since middle of April this year. The market has been bullish, the VIX has been incredibly low (scary low some think) and $VXX has been paying shorts fat!
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