With equities continuing to fall, the VIX was naturally on the rise. The 2x lev' bullish VIX instruments of TVIX and UVXY saw powerful net daily gains of 21.9 and 21.6% respectively. Outlook is bullish for Friday and possibly Monday, but from there.... an equity market rebound is extremely probable.
Suffice to say, strong gains.... and further gains are likely tomorrow.
What should be clear though, the equity market is set to floor either on 'jobs Friday'... or very early next week.
In either case.. those long the VIX, whether via call options, VXX, or TVIX/UVXY should be mindful of an inevitable strong rebound in equities.. but not >sp'2040.
*I am long TVIX from the Thurs' closing hour. Seeking an exit in the 10/11s.. Fri/Monday.