With equities seeing some major weakness this week, the VIX continued to rise, with net weekly gains of 22%. The 2x lev' (bullish) instruments of TVIX and UVXY saw net weekly gains of 10.2% and 13.7% respectively. If VIX can break into the low 20s next week, further gains of 15/20% seem likely.
First, an update on the VIX, weekly
Suffice to say, the 2x VIX instruments are set for further gains next week. Yet..as ever, even if we drop to the sp'1770s, VIX might stay in the low 20s for a just a matter of hours.
There is a 'small' possibility of a much deeper (sp'<1760) equity decline next week, but regardless, I expect the current down wave to conclude no later than next Wed/Thursday.