is VXX a play for the short-term ahead of the FED?

[yoshytrader]

I wonder if we will have a pick on IV in the Fed's week plus possible announcement of Summers as next Fed's chairman, VXX showed some saturation at $14 (of course as this is a speculative ETF support may mean nothing) but it sure worth take a look on Monday morning, any thoughts?

chart I made : http://www.thetradersgateway.com/viewerfull.php?id=25#.UjTze8Y2Ym1

 

[loufah]

Given that spot VIX is around 30% above where it should be for a market at this level, VXX is an even better candidate for shorting than usual. For the next day or two, though, spot VIX may be influenced by the soon-to-expire September VIX futures, so I wouldn't make any directional bets until Wednesday