I’ve revised my bear market target for this vehicle to 11.72, somewhat higher than the one at 11.26 given here earlier. The new target comes from a point ‘C’ peak recorded in after-hours trading on May 18 rather from a lower peak made earlier that day during the regular session. I am more comfortable using the higher number, a Hidden Pivot support, for purposes of bottom-fishing, since I would hate to miss the trade merely because VXX had reversed from above the original target. Either number would be a record low for S&P volatility, but we should have little difficulty imagining such depths will indeed be achieved, given the airless tedium of Friday’s session.  For my specific trading strategy — buying some perfectly priced call options — check out my 20:15 post from Friday, June 23, in the Rick’s Picks Banter Room. ______ UPDATE (Jun 27, 8:03 p.m.): The rally in this otherwise moribund vehicle could continue for a few more days if my bearish expectations for QQQ pan out.  Regardless, we will NEVER buy call options when VXX is trending, only when it is hitting precisely targeted lows. Stay the course, and don’t look back if we miss a chance. _______ UPDATE (Jun 29, 9:27 a.m.):  Patience. We’re in no hurry but still planning to bottom-fish using call options when the time comes.  I’ll post an update in the Banter Room when appropriate, but it could take weeks before VXX does exactly what we need it to do. _______UPDATE (Jul 17, 9:44 a.m.): So far, the 11.72 target’s main usefulness has been in having kept us from getting sucked into bottom-fishing like so many others. I am less enthused than I was about buying at 11.72 for two reasons, however: 1) there are much lower targets discernible on the daily chart, and 2) AMZN has yet to reach its 1016 rally target. How much lower could VXX go? Using the 120-minute chart and overnight bars, here’s how you can produce D= 9.78: A=16.57 on 5/18; B=12.19 on 6/27; and C=14.16. The only coordinate that’s adjustable is A, which can be lowered to 16.10 (5/18) to produce D=10.25. The midpoint pivot (p) of this pattern has shown no discernible support in either case, and that’s why my enthusiasm for bottom-fishing at 11.72 has diminished. My suggestion is to buy a few near-the-money calls expiring on July 28, but to treat them as you would a lottery ticket — i.e., a speculation on which you are likely to lose 100% of your bet.      It’s hard for me to believe VXX could continue to fall so much lower into new record territory, but that’s what it looks like it’s going to do. Anyway, the original target and the pattern that produced it look likely to produce at least some sort of bounce from within VERY close to 11.72, and so I will recommend bidding 0.32 for four July 28 12 calls — to be treated as a lottery ticket, as I’ve noted in the chat room. The calls could conceivably trade a little lower (i.e., 0.03 to 0.04) if VXX falls to the 11.72 target, particularly on the opening. I’ll leave it up to you to haggle for a slightly better price, since it is unpredictable where DaScumballs will open the calls if VXX starts the day down around the target. If VXX cracks 11.72 [it hasn’t, at least not yet] by more than, oh, 0.06, it’ll be headed down to at least 11.27. [Late-breaking news:  Subscribers have reported buying the calls for 0.32 on the opening. With AMZN having traded as high as 1013 this morning, we should kiss the $128 good-bye but keep our fingers crossed.] _______ UPDATE (Jul 18, 8:52 a.m.): With index futures set to open lower this morning, VXX is in a moderate rally off the recent low of 11.66.  Offer half of the calls acquired for 0.34 the other day for twice that price, or 0.68, good-till canceled. You should also offer a third call to close for 1.36, or four times the price paid, also good-til-canceled._______ UPDATE (July 18, 11:28 p.m.): The decisive breakdown of Hidden Pivot support at 11.72 means VXX will continue to fall to at last 11.27 before it can get traction. Our calls are probably goners, but we’ll try bottom-fishing again if and when 11.29 is reached.  Because I may be on I-70 enroute to the Jersey Shore from Colorado when this occurs, I’ll recommend that you improvise your own call-buying strategy.  Keep it small, since this bet is very speculative, going as it does directly against one of the most powerful, persistent and pernicious bear-market trends ever witnessed.________ UPDATE (July 19, 9:51 a.m.): VXX is getting pounded, as usual, and has traded this morning as low as 11.36. I’ll suggest letting the July 28 calls we already own ride. If VXX is going to pop from 11.27, the calls will do just fine.