While SPY has been wobbling lately the XIV (VIX inverse) has been enjoying a steady rise. A quick look at the XIX/ XIV VIXEN chart (XIV is yellow line) illustrates the negatively correlated relationship of these 2 issues (most of the time). If you had no other data inputs and just glanced at this chart you would (I suspect) most likely be inclined to say XIV still has room to grow. (the heavy blue line is the VIX 8 day MA).
Below the VIX/XIV chart shows the latest M3 returns and charts how XIV has indeed outperformed SPY by a considerable margin.
Note that we had a P6 equity cross on the 19th as well as a 2 Day ALERT cross..