With the sp'500 soaring from a test of the 50 day MA of 1767, the VIX was crushed in the latter half of the week. The 2x bullish VIX instruments of TVIX & UVXY saw all the recent gains wiped out, with net weekly declines of -12%.
First, an update on how the VIX closed the week...
VIX looks set to remain in the 15/11 zone into mid/late January. Only then, is there the small chance that we might briefly see the low 20s - via the next debt ceiling concerns.
As for TVIX/UVXY..and indeed...the VXX, all look set to decay into January.
Seasonally, the equity bears/volatility bulls..simply have everything working against them.