With equities seeing a lot of moderate chop, the VIX remained broadly subdued. That has resulted in the 2x lev' bullish VIX instruments of TVIX and UVXY seeing net weekly declines of -4.4% and -4.6% respectively. Near term outlook offers very little hope that market volatility will pick up.. despite the looming earnings and election.
First, an update on the VIX, which saw a net weekly gain of 1.4%.
As for TVIX and UVXY.. its merely the same old problem....
If equities are choppy... that isn't enough to inspire a sustainably higher VIX. Indeed, such trading conditions are only marginally less bad than a soaring market.. as the statistical decay is a near relentless problem.
Yours truly has ZERO interest in being long the VIX. That view would only change if a monthly close in the sp'2050s or lower.... and that sure doesn't look likely for the remainder of this year.