Volatility Index (VIX) Futures

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A few weeks ago I wrote an article in which I explained the rationale behind why I have initiated a short position in iPath S&P 500 VIX Short-Term Futures ETN ( VXX ). Over the past few trading sessions, I have added size to my short position in anticipation of declines in the index over the next few quarters.
This is the result of mean-reversion; futures will move up more when the VIX is below its long-term average and less if it is above it. If the parameters indicate that futures are strongly mean-reverting, delta will be smaller because the current level matters less than its long-term level; if mean-reversion is weak, the delta will be greater because futures will be more sensitive to the current index level.
Others may wonder why the put-call parity is violated for VIX options Then, there are the options that trade underwater, the vastly different futures vix implied volatilities for each expiration cycle and the question of arbitrage between S&P 500 derivatives and VIX contracts.