iPath S&P 500 VIX Short-Term Futures ETN (VXX)

[DownWithPumpers]

Here's the actual historical volatility over the last 10, 20 and 30 days.
10: 8.13
20: 8.21
30: 7.40

The VIX is at 11.42. So option traders are still paying a large (more than 40% (11.42/8.13)) premium over actual volatility.

As I've been saying for months, I don't think buying any of these long volatility products is a good idea until we see actual volatility in the market.