Double Bottom In VIX ETN? (VXX)

The ETF Professor had to slog through jury duty earlier today, so I apologize for not bringing you ETF tidbits earlier. I'll try to make up for that with some after-hours posts.

One thing that caught the Professor's eye was the chart for the iPath S&P 500 VIX Short-Term Futures ETN (NYSE: VXX). VXX replicates the performance S&P 500 VIX Short-Term Futures Total Return Index.

Have a look at the chart. It appears the VXX made a rather obvious double bottom and started to bounce off the bottom today. VXX has made a series of lower highs, but a bounce from $44 could take VXX to the 50-day moving average of $48.09. Keep an eye on it.