TVIX, UVXY - back on the slide

With the VIX breaking to 21.34 this week, the 2x bullish VIX instruments of TVIX/UVXY were back in favour. Yet..once again, we've seen equities snap back..and the VIX has been smashed lower. Since the Wednesday morning peak, TVIX/UVXY have already collapsed lower by around 30%.


TVIX, daily

UVXY, daily

Summary

First, a reminder of the VIX weekly chart, which saw net weekly declines of 6%.

Once again the equity bears were teased with a test/brief break of the VIX 200 weekly MA, but volatility has quickly collapsed back  It is such a disappointment, not least for the volatility players this week.
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Considering the daily/weekly VIX charts, both TVIX and UVXY look set to decline for a few more weeks, and with the decay issue...we'll likely be looking at new lows next week.

As ever...such leveraged instruments are for short-term trading only.