VXX took a pounding today (down 6%)and is down ano

VXX took a pounding today (down 6%) and is down another 1% AH.  Long term low was $19.88 set way back in July of 2011.  Obviously with a close today of $20.25, VXX is hovering right at this support level.

I decided to jump back in the game with another VXX trade.  Grabbed the September $16 Calls for $6.10 today.  I now have 186 days until expiration which is a good long while for me to sit and be patient with VXX if the low volatility continues longer than I anticipate.  Time erosion is very low and I'm willing to wait.  However, if I see a decent profit, I will not hesitate to sell and renenter a position at a later date.

Another reason why I entered the position today was that while VXX was down significantly, the VIX was up nearly 4%.  Every index logged nominal gains but they seem to be tapering off or at least slowing down.  Who knows if a correction is due but a decent down day of profit taking will net me a nice profit which is all I'm after.  I'd love to hit a home run but I'll take 8 to 10 percent a trade if they give it to me.

I'm expecting a bounce tomorrow but in this market who knows.