It’s not often that we see opportunities in this vehicle worthy of our attention. However, I posted the chart shown (see inset) in the chat room Monday morning because the 27.45 target shows promise as a place to attempt bottom-fishing. It may take a while for VXX to get there, or it could happen overnight. In any event, you should be ready to buy call options if VXX gets within 0.06 to 0.08 points of the target. Stick with just-out-of-the-moneys that are expiring within 5-12 days, since this gambit is geared to work best if we nail the turn exactly, as we’ve done several times in the past.______ UPDATE (August 12, 5:08 p.m. EDT): Cancel the trade, since VXX went nuts Friday from a low at 27.80 that missed our niggardly bid by inches. If it makes you feel better, even if we’d held out-of-the-money calls at Thursday’s close, it still would have been difficult to do much better than double our money. In these rare situations when we actually jump on this rabid badger, we are seeking to do much better than that.