Regarding the VXX/$VIX trade, there is quite a bit more technical evidence justifying the trade other than just the $VIX dropping to support.  Among other factors, many of which have been mentioned here recently, are the QID scenario (the former alternative, now primary scenario continues to play out) in addition to the recent surge in the $NYSE new 52-week highs to an extreme level which has typical preceded major corrections and/or lasting market tops.  On the flip side there has been some bullish developments over the past few weeks which I plan to cover in the next broad market video overview.