XIV and VIX both headed down in early going...technically impossible, and then as the afternoon session wore on XIV finally crept to the green.
This situation leaves M3 still bullish with XIV in the top slot.
Below is a daily chart of VIX with an XIV overlay showing that, in fact, there are times when these hypothetically inverse issues do move together in the same direction (VIX is blue, XIV is orange). Part of that phenomenon may be due to the fact that XIV and XIV are ETNs, not ETFs with a fixed asset base, and as such are composed of various SPY related derivatives...leaving us with VIX, a statistical index of market volatility versus XIV, composed of inversely based futures, options and other esoteric instruments.
No wonder the relationship between these 2 issues behaves oddly at times.
Note early December as a prime example............