Usually as the stock indexes drift/melt up the Volatility Index declines. I watch and trade the VXX.
Today, in the middle of the day, during the slow part of the day I notice the VXX hitting the highs for the day. That strikes me as odd.
Perhaps it is just that the VXX is "oversold" and needs a small rally.
Or maybe it is the start of something.
I don't know.
But this is a good example of what tape reading is.
Imagine you are sitting on a street corner. You sit there day after day. You get to know the comings and goings of the usual passersby. So when some shady looking character shows up that you haven't seen before you perk up and become interested. And if you see another one show up and they get together, you think something is up. And you move your chair behind a tree.
Just sittin' and watchin'
And if there is a way to profit by your observations that is called speculating.
"Speculare" from the Latin for "to spy and observe"