After running up to 15.10, from a low of 13.70 (over 10%) in just 2 days , the vix spent most of the day Thurs. drifting lower to close at 14.29. There is little hope to make money being short at this level. Traders need patience and a good intermediate term strategy (short put spreads) to be long and ride out any doldrums. The pop we just saw is an example of what vol. trading is like. Long periods of boredom and frustration interspersed by brief brief periods of terror if you are short or jubilation if you are long. Profit taking is essential in such an environment.