The market shot up big time today, sending the VIX down about 10.5% and the iPath VIX Short-Term ETN (VXX) along with it -- this time to new all-time lows. The VXX closed at 12.15, which is more than 3% below its previous all-time closing low of 12.55 set on July 19.
Here's a chart of the VXX, along with the VIX plotted below.
The reason for the drop? The usual -- a fairly significant contango in the market for VIX futures, as you can see here:
The chart shows each VIX contract month (with the dotted lines showing already expired June and July contracts just for reference). If you compare this chart to the one above it,