TVIX, UVXY - a second week lower

With equities continuing to climb, and the VIX still cooling, the 2x lev' bullish instruments of TVIX and UVXY saw a second week of sig' declines, settling lower by -14.8% and -14.9% respectively. Near term outlook threatens VIX 16/17s, but at best.. that might only translate to 10/15% for TVIX/UVXY.


TVIX, daily

UVXY, daily

Summary

First, an update on the VIX, which saw a net weekly decline of -9.3%

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As for TVIX and UVXY, with the equity market still battling upward, the bullish VIX instruments were ground lower across the week.

At best.. if VIX 17s - with sp'2150s, TVIX/UVXY will merely pop back to levels from the start of this week.

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As ever, holding such leveraged instruments across multiple days.. or worse.. weeks, very rarely ends well.

*yours truly sees broader upside in US equities into 2017, and has ZERO interest in being long the VIX for some months. That view only is only re-considered if sp <2100, which does not look likely for the remainder of the year.