July VX Futures Rollover: M1 / August M2 to August M1 Roll Yield

July Protection for Volatility was taken up to Sell M1 as we begin to see M2 (August) uptake
100% of the VXX M1+M2.

Settlement will have, at minimum 98% front loaded into August M1.

There will be the ever present Gap to close as there is every month.

As the CASH VIX and July Contract converge for settlement, the Indices should range.

We are looking for 12.30s to 15.50 as the Buy to Open range, but will adjust as necessary
should the range fail.

We are in the middle of Summer with a number of important Events setting up. Anticipating
a large reaction to the undercurrent of RISKS.

The VX Complex is the primary guidance for our setups and positions.

We are approaching settlement - Thursday, Friday and the following Monday will provide a
clear Trend for the short term.

We anticipate a large decline in August through October.

A Trade Plan is required as there are enormous "what if's" ever-present.