The VIX may not break higher as most observers believe Congress will push something through at the last hour and relieve some of the market uncertainty.

“There’s no conviction in the move or the overall market, based on the across-the-board reduction we’ve seen in volume … but there will be continued weakness until there’s sustained positive direction coming from our leaders,” Joseph Cangemi, managing director at ConvergEx Group, said in a Reuters article.

“Markets turned around in a heartbeat, as the House session is the first announcement of anything getting done,” Randy Bateman, chief investment officer of Huntington Asset Management, said in the article. “I’m not convinced it will result in a deal, but you could get enough concessions by both parties to at least avoid the immediacy of going over the cliff.”

Some other VIX and leveraged-long VIX fund options include:

  • VelocityShares VIX Short-Term ETN (NYSEArca: VIIX)
  • VelocityShares Daily 2x VIX Short-Term ETN (NYSEArca: TVIX)
  • ProShares Ultra VIX Short-Term Futures (NYSEArca: UVXY)
  • ProShares VIX Short-Term Futures ETF (NYSEArca: VIXY)

iPath S&P 500 VIX Short Term Futures ETN

For more information on the VIX, visit our VIX category.

Max Chen contributed to this article.