Inversely of course.
From Option Pit:
Is the VXX showing the way?
...I think the VXX is showing us something. At least it is a pattern and the pattern is since last week the VXX has not been able to hold one rally. Try as the volatility products and implied volatility might, they just cannot get to new higher levels and stay there. The last 5 trading days are below.
The VXX has not been able to make a new high since last week and was pushing new lows near the end of the day today....MORE