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Over the last week, the longs of the VelocityShares Daily 2x VIX Short-Term ETN (TVIX) have enjoyed a rare victory with shares rallying by 25%. Unfortunately, the inescapable realities of the nature of TVIX kicked in on Friday and the instrument fell by over 10%. In this article, I will spell out why I believe TVIX is likely headed lower and that shorting opportunities should be sought.
The Instrument
When you trade an ETN or an ETF, the first thing to do is read the prospectus and methodology. While this is true for all types