Don't Even Think About Buying the VIX

I have received a number of inquiries from subscribers on whether iPath S&P 500 VIX Short-Term Futures ETN (VXX) should be purchased given the complacency that exists today.

My answer is no. I would rather be short SPDR S&P 500 ETF Trust (SPY) -- in fact, I currently am -- and what follows is my explanation.