The market finally saw some active selling last week, with volatility climbing quite a bit higher.  The iPath VIX Short-term Futures ETN (VXX) is one of the most popular ways to trade volatility.  It covers the first two VIX futures contracts and tends to go up sharply when the market sells off.  As you may expect, VXX saw a lot of options activity last week with the market down big for parts of two days.  While a lot of the action was in calls, there were some big VXX put spreads traded, which can make money if volatility pulls back a bit in the next couple weeks.