More VXX Madness

More proof yesterday that the VXX is not a good tracking mechanism for the VIX. Everything was in place for a VXX gain yesterday - VIX up 3.9%, S&P down 0.4% and what happened - VXX goes down! Granted, the S&P was volatile yesterday but still! 

If you can't trust the tracking ETN to go in the same direction as the index it is supposed to track, what's the point? Gosh, we are not asking for a 4% move, but something! Someone has got to find a better instrument. By the way, the other VIX ETN (VXZ) was down as well. There is no hope!