VIX Futures starting to fail intraday, still could bounce a bit intraday in to the close.

I'm looking at the intraday VIX futures which move opposite the market so as the market has pulled back, they have been moving up in to the gap, intraday 3C is negative on then and the more important 5 min chart has been and continues to be negative which of course is supportive of a market bounce and the timing is coming together with the intraday gap fill in VIX futures starting to show 3C negatives.

As for a trade on VIX futures, this isn't my favorite spot for VXX or UVXY puts, I already have VXX puts and UVXY equity/ETF short open, I prefer UVXY short here or perhaps XIV long.

UVXY has 2x leverage, XIV is not leveraged, it is the inverse of VXX so to play VXX short you can use XIV long, they still have plenty of movement and volatility.

If VXX were to bounce a bit intraday toward the close, I'd be even more interested in shorting it (XIV would pull back and I'd be interested in going long that one as it is the opposite of VXX).

Some people do not like ETNs, XIV is an ETN .

I'll post these charts as part of the Daily Wrap.