VelocityShares Daily 2x VIX Medium-Term ETN(TVIZ)- NASDAQ
  • Wed, Sep. 14, 2:56 PM
    • Volume on the iPath S&P 500 VIX Short-Term Futures ETN (NYSEARCA:VXX) Tuesday topped that of any company in the S&P 500 for the first time ever with 110M shares, according to Bloomberg. Bank of America was in second place at 89.3M shares.
    • Helping no doubt was the low price the ETF thanks to its bear market this year. It traded for north of $120 in February and goes for $40 now. The poor performance hasn't slowed demand for the product though, with inflows more than tripling the ETNs market value even as its underlying index plunged nearly 50%.
    • Related ETFs: VXX, UVXY, TVIX, XIV, SVXY, VIXY, ZIV, VXZ, VIXM, CVOL, VIIX, XVZ, XXV, TVIZ, IVOP, VIIZ, VMAX, VMIN
    | Wed, Sep. 14, 2:56 PM | 39 Comments
  • Fri, Sep. 9, 1:21 PM
    • It's been two months since the S&P 500 moved more than 1% in either direction in a day, but the index is lower by 1.7% today, alongside similar declines in the Dow and S&P 500.
    • Helping push things lower is a Fed that doesn't seem to be backing off a vow to maybe hike rates later this month.
    • Complacent volatility bears are being forced to cover positions, sending the CBOE VIX Index higher by 23%. The iPath S&P 500 VIX Short-Term Futures ETN (VXX +10.2%).
    • ETFs: VXX, UVXY, TVIX, XIV, SVXY, VIXY, ZIV, VXZ, VIXM, CVOL, VIIX, VXUP, XVZ, XXV, TVIZ, VXDN, IVOP, VIIZ, VMAX, VMIN
    | Fri, Sep. 9, 1:21 PM | 19 Comments
  • Tue, Aug. 9, 2:54 PM
    • At a new 52-week low of 11.12, the VIX has tumbled more than 55% from its post-Brexit peak of 26.72 on June 27. The "fear gauge" hasn't closed higher for more than two straight days since its five-day winning streak in mid-June, and has just closed out a six-week losing streak.
    • Checking all the way back to 1990. Andrea Kramer at Schaeffer's finds this is just the fifth time the VIX has suffered a six-week stretch like this. The other four times, however, saw a decline in the VIX of just 31-36% vs. this 55% plunge. The S&P 500, meanwhile, has rallied 7.14% - the middle of the pack vs. the other four rallies.
    • The last six-week losing streak for the VIX was in August 2008, and the S&P 500 was lower by 3.9% two weeks later and 38.1% three months later, while the VIX nearly quadrupled.
    • Averaging the S&P returns from the last four VIX signals doesn't look pretty - down 10.37% three months later. Obviously, the 2008 example skews the results, and a sample size of four is simply too small to draw any hard conclusions.
    • Checking some other data, the CFTC reports speculator net short positions in the VIX have soared to 115K contracts - the most since 2013.
    • ETFs: VXX, UVXY, TVIX, XIV, SVXY, VIXY, ZIV, VXZ, VIXM, CVOL, VIIX, VXUP, XVZ, XXV, XVIX, TVIZ, VXDN, IVOP, VIIZ, VMIN, VMAX
    | Tue, Aug. 9, 2:54 PM | 78 Comments
  • Fri, Jun. 24, 8:13 AM
    | Fri, Jun. 24, 8:13 AM | 27 Comments
  • Oct. 12, 2015, 3:25 PM
    • The CBOE Volatility Index is lower by another 4% at last check, putting the so-called fear gauge on track to tie its all-time record for consecutive down days at ten, according to Ryan Detrick.
    • The current level of 16.44 compares to 23 at the end of September.
    • The record string coincides with what may turn out to be a particularly ill-timed Bloomberg article suggesting the end of one of Wall Street's most popular post-crisis trades: Selling volatility.
    • ETFs: VXX, UVXY, TVIX, XIV, SVXY, VIXY, ZIV, VXZ, VIXM, CVOL, VIIX, XVZ, XXV, XVIX, TVIZ, IVOP, VIIZ, VXUP, VXDN
    | Oct. 12, 2015, 3:25 PM | 11 Comments
  • Oct. 4, 2015, 1:51 PM
    • The U.S. regulatory apparatus designed to improve financial stability is a "mess" that will likely fail when it's needed the most, according to economist Adam Posen.
    • His analysis given at a conference sponsored by the Boston Federal Reserved focused on the ability of the Financial Stability Oversight Council, a Dodd Frank brainchild, to react to a crisis.
    • Other notable attendees at the financial confab who agreed that the current U.S. system is deficient included former Bank of England Meryvn King and ex-Fed vice chairman Donald Kohn.
    • Boston Federal Reserve monetary policy conference information
    • ETFs with a financial stability twist: VXX, UVXY, TVIX, XIV, SVXY, VIXY, ZIV, VXZ, VIXM, CVOL, VIIX, XVZ, XXV, XVIX, TVIZ, IVOP, VIIZ, VXUP, VXDN
    | Oct. 4, 2015, 1:51 PM | 22 Comments
  • Sep. 10, 2015, 12:39 PM
    | Sep. 10, 2015, 12:39 PM | 2 Comments
  • Jun. 23, 2015, 10:03 AM
    | Jun. 23, 2015, 10:03 AM | 25 Comments
  • May 18, 2015, 12:09 PM
    • The AccuShares Spot CBOE VIX ETF Up Class Shares (Pending:VXUP) and Down Class Shares (Pending:VXDN) will open for trade tomorrow. The provider notes the ETFs' transparent pricing and and product architecture provide predictable cost of ownership, eliminating the asset complexities and term structure associated with other exchange-traded offerings.
    • VIX ETPs: VXX, UVXY, TVIX, XIV, SVXY, VIXY, ZIV, VXZ, VIXM, CVOL, VIIX, XVZ, XXV, XVIX, TVIZ, IVOP, VIIZ
    | May 18, 2015, 12:09 PM | 7 Comments
  • Mar. 17, 2015, 1:33 PM
    • VIX ETN investors in the last month have shifted from a "meaningful" short position to the largest net long position since 2012, says JPMorgan. "This shift in positioning was broad based and reflects both large new investment in long VIX ETNs.”
    • The number of shares in the Path S&P 500 VIX Short-Term Futures ETN (NYSEARCA:VXX), the VelocityShares Daily 2x VIX Short-Term ETN (NASDAQ:TVIX), and ProShares VIX Short-Term Futures ETF (NYSEARCA:VIXY) has doubled over the past five weeks, writes Chris Dieterich. It's tripled in the ProShares Ultra VIX Short-Term Futures ETF (NYSEARCA:UVXY).
    • At the same time, money is exiting those funds which profit when volatility shrinks, such as the XIV, where shares have fallen by half over that same time frame.
    • ETFs: VXX, UVXY, TVIX, XIV, SVXY, VIXY, ZIV, VXZ, VIXM, CVOL, VIIX, XVZ, XXV, XVIX, TVIZ, IVOP, VIIZ
    | Mar. 17, 2015, 1:33 PM | 11 Comments
  • Oct. 10, 2014, 7:32 AM
    • Three days of S&P 500 price swings exceeding 1.5% have sent the Volatility Index higher by 21% since October 6 to 18.8, a level not seen since February. It's got the technicians talking, and one says if this level of VIX resistance doesn't hold, the index is headed to 21, suggesting downside of another couple hundred S&P points (roughly 10%).
    • Ryan Detrick sees 1,905 as a key S&P level (vs.last night's 1,928 close) as that was the August level from which the index bounced. With the small caps already having broken through a number of key support lines, it would be nice to see the big caps hold.
    • The rise in volatility actually only seems troubling to those induced by the central bank-induced lull of the past few years. "Volatility coming back into the market is a direct correlation to the tapering ending," says one wise trader. "This is what it used to be like before the government was in the market.”
    • ETFs: VXX, UVXY, TVIX, XIV, SVXY, VIXY, ZIV, VXZ, VIXM, CVOL, VIIX, XVZ, XXV, XVIX, TVIZ, IVOP, VIIZ
    | Oct. 10, 2014, 7:32 AM | 4 Comments
  • Jun. 27, 2014, 12:31 PM
    • "The S&P 500 VIX Short-Term Futures Index is a robust, transparent, and fair index," writes a S&P Dow Jones spokesman, responding to loud criticism of the VXX ETN from "father of the fear index" Robert Whaley.
    • "Unlike equity indices, VIX futures are not in the long-term expected to deliver positive returns. VIX futures are not guaranteed to go down either ... Contango is a natural feature of any futures market. Therefore he who would take a long position in VIX must occasionally bear the cost of contango."
    • ETFs: VXX, UVXY, TVIX, XIV, SVXY, VIXY, ZIV, VXZ, VIXM, CVOL, VIIX, XVZ, XXV, XVIX, TVIZ, IVOP, VIIZ
    | Jun. 27, 2014, 12:31 PM | 9 Comments
  • Jun. 27, 2014, 11:33 AM
    • “I bought VXX as a play on volatility. But a week went by, two weeks, and the price went down," says Robert Whaley - known as the father of the "fear index" - who is very much not a fan of VIX Short-Term Futures ETN.
    • "Buying this is about the dumbest thing you could do," he says, after some prospectus digging revealed the product is more or less programmed to go to zero over time.
    • Whaley - recently signed on as a partner in AccuShares Investment Management - has his own product to sell as that firm has volatility ETFs in the works. The AccuShares Spot CBOE VIX Up Shares and VIX Down Shares are theoretically designed to do a better job tracking the CBOE Volatility Index, and could launch as soon as this summer.
    • ETFs: VXX, UVXY, TVIX, XIV, SVXY, VIXY, ZIV, VXZ, VIXM, CVOL, VIIX, XVZ, XXV, XVIX, TVIZ, IVOP, VIIZ
    • See also: S&P Dow Jones: Whaley mistaken in criticism of VXX
    | Jun. 27, 2014, 11:33 AM | 20 Comments
  • Jun. 23, 2014, 1:09 PM
    • The CBOE - hoping to attract business from Europe and Asia, not to mention cater to U.S. traders operating in the middle of the night when a good deal of major news breaks - has now extended the trading hours of its highly profitable volatility futures to nearly 24 hours per day.
    • Trading will be continuous between Sunday at 6 PM ET until Friday at 4:15 PM, with the exception of a 15 minute break each day starting at 4:15.
    • Prior to the change, the market had been open from 3 AM on each day, and about 7.5% of contracts changed hands outside of regular U.S. hours.
    • ETFs: VXX, UVXY, TVIX, XIV, SVXY, VIXY, ZIV, VXZ, VIXM, CVOL, VIIX, XVZ, XXV, XVIX, TVIZ, IVOP, VIIZ
    | Jun. 23, 2014, 1:09 PM | 2 Comments
  • May 28, 2014, 11:41 AM
    • Don't fear the lack of fear, options strategist Larry McMillan tells clients who may be worried about the VIX trading below 12 for about the first time since 2007. While this sort of complacency typically sets the stage for a short-term correction, focus on the bigger picture, says McMillan: Stocks can and have advanced as long as volatility remains trendless.
    • “These buyers of protection are hurting, having lost virtually all of the money that they’ve spent on protection in the last year and half, or more. Yet it seems as that as long as there is a heavy penchant for this protective put buying, the stock market will continue to rally."
    • ETFs: VXX, UVXY, TVIX, XIV, VIXY, SVXY, ZIV, VXZ, VIXM, CVOL, VIIX, XVZ, XVIX, XXV, TVIZ, IVOP, VIIZ
    | May 28, 2014, 11:41 AM | 2 Comments
  • May 21, 2014, 10:32 AM
    • Bets on a decline in the iPath S&P 500 VIX Short-Term Futures ETN (VXX -1%) have fallen to 25% of shares outstanding from a record 126% in February, according to Bloomberg. Shorting the VXX is a play on continued calm in the markets, and a bet (along with other short volatility moves) that earned plenty of coin in 2013.
    • The VIX jumped 4.4% yesterday as stocks struggled, but has closed below 15 for 24 consecutive sessions, the longest streak since about the time surrounding the start of 2014. It hasn't climbed above 18 since February even amid Russian tension and sizable selloffs in small caps and tech momentum names.
    • “The longer you go without a hurricane, the more likely it becomes for the next period,” says Mark Yusko, CIO at Morgan Creek Capital. “It’s usually around those times, when everybody is convinced nothing can happen, that something happens. Markets tend to move to extremes. Those alligator jaws don’t stay open forever. They eventually snap shut.”
    • ETFs: VXX, UVXY, TVIX, XIV, VIXY, SVXY, ZIV, VXZ, VIXM, CVOL, VIIX, XVZ, XVIX, XXV, TVIZ, IVOP, VIIZ
    | May 21, 2014, 10:32 AM | 9 Comments
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