This VXX chart sums up everything:
The uptrend in VXX (downtrend in markets) has come back to support in the form of the Trend Model trend line. Either it finds support and begins another leg up (down in the market) or it breaks support and starts a new downtrend (more rally mode for markets). A good bet here, one way and then, if necessary, the other way.
A friend of mine who comes in and out of my store of knowledge in very mysterious ways, but always with acutely accurate observations on who is pulling what strings, suggested to me over the weekend that the door out of the equity markets has gotten very small (read: May 6, 2010). Market strength, especially from overnight gaps, are one way of widening that door.