With the broader equity market breaking new highs, the VIX remains subdued. The 2x bullish lev' instruments of TVIX and UVXY are merely decaying, seeing net weekly declines of -4.4% and -5.6% respectively. Outlook into early 2015... further declines.
TVIX, daily
UVXY, daily
Summary
*first, an update on the VIX, weekly
There is the threat of a brief spike to 18/20 before year end, but with continued action from the central banks (not least China and the ECB today)... the risk of an upside VIX spike remains low.
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As for the VIX instruments of TVIX and UVXY, both are simply back to the usual price action of the last few years.. on a slow.. but gradual decline.. due to the usual 'statistical decay'.
Considering the broader equity market, I have ZERO intention to be long VIX in any manner for some months.. and indeed, the last VIX position I took was summer 2013.
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*with TVIX set to lose the $2s.. another reverse split looks due within the next month or two