I would throw out that Aug ^vix spike, it is likely an extreme outlier. To tell you the truth, I see lots of hazards down the tracks, we could see nice doses of volatility until the US elections. If (when) we get another big vol crash, I will be looking to buy cheap VXX spreads out in Sept and beyond. Waiting to see on UVXY, it could easily slide into R/S territory....then the trick is to try to get in cheap put spreads on it, with enough time to catch its next decay cycle
"If The Fool persists in his Folly he will become wise." - William Blake