TVIX, UVXY - huge buying interest into the weekend

With the VIX surging 31.7% @ 18.14, the 2x bullish VIX instruments of TVIX and UVXY saw a monstrous surge in trading volume - almost double the previous record. TVIX and UVXY both closed with daily gains of an extremely powerful 17%.


TVIX, daily

UVXY, daily

Summary

*first an update on the VIX, which saw net weekly gains of a rather astounding 45.8%

--
In terms of the 2x instruments, as ever, the decay is a real problem. It will only take one major bounce in equities to crush the VIX, and that will easily knock TVIX/UVXY lower by 10% or so.

Best guess...VIX maxes out in the 19/20 zone, with sp'1780/60.

Things only get interesting if the VIX can push into the mid 20s, but that sure looks difficult.
--

As ever...the 2x leveraged instruments are for short term holds only, as any mid-term chart fully displays.