Someone is About to Get Conned

Throughout this bull market, the seemingly "easy," slam dunk trade espoused by many has been shoring spikes in volatility, either outright using options to bet against the VIX, or using some of the ETFs associated with the VIX to express a bearish bet on volatility (usually associated with equities snapping back off a fairly shallow pullback). 

Perhaps more than other types of trades across various asset classes, the short-the-VIX-spike mantra lends itself to an extreme Pavlovian response by many traders, as volatility appears to be a broken concept, in perpetuity. But just as other types of instruments and asset classes, it is broken until it isn't, and then it quickly shows the one-way traders that all markets eventually turn the tide. 

I am looking to see whether ETFs like UVXY (ultra-long volatility) can hold the lion's share of recent gains, especially today's. 

On the intraday chart, below, keep an eye on whether the highlighted intraday pullback stays fairly shallow in lieu of the usual volatility "smash." 

As for the market at-large, I will cover that for Members in my usual Midday Video, filming now.