The Brokenness of VXX

This is in response to Jared Woodard's post "The Unbrokenness of VXX":

http://condoroptions.com/2012/03/22/the-unbrokenness-of-vxx

I don't know enough about VXX to claim it is broken, but I would love to know why sometimes it doesn't follow the VIX very closely at all. 3/19/2012 and 3/20/2012 are prefect examples IMO.


Here is the 5 min. chart of the VIX on 3/19 and 3/20:



And here is the 5 min. chart of the VXX on 3/19 and 3/20:




Those charts don't look very similar at all to me. The VIX clearly closed higher on 3/20 than it did on 3/19, but the VXX clearly closed LOWER on 3/20 than it did on 3/19.

I would love to understand why this happened so I could trade accordingly.

Thanks Jared!
Jeff