TVIX - volatility smashed lower in final hour

TVIX holders can justifiably feel outraged at the action in today's closing hour. With the rumours that various central banks are likely to increase liquidity after the Greek election, the VIX received a very serious smack down


TVIX, 1min chart

TVIX, daily

Summary

Crazy action, and if the market does rally to my primary target of sp'1350/60, then TVIX will likely suffer another 20% or so lower before the index wave'2 completes. Targets are very difficult to project with this ETN, but low 6s seem very viable, if not even a brief move into the 5s.

For those not using stops....the close was pretty brutal..and indeed a travesty.