You would think but do you think you are the only one that will think It will go back down after it spikes? It will be VERY expensive.
I have a friend that SOLD calls ( naked )instead yesterday. She has bigger balls than me and I am male. But premium rise with volatility so you do better buying than selling.
Everyone and his cousin knows UVXY only goes up less than 5% of the time. It is already down 50% from this current spike.