VXX (up 12% just disconnected from VIX (down 3%). Is it a good idea to buy puts on VXX as it has to goes back to be connected with the vix?

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The reason VXX is going up is because Barclays announced that they are stopping the sale and issuance of VXX. So shorts want to cover and it went up almost 40% in the morning and now up 10%. Look at the IV on the Puts . Unless market rips high puts may not be profitable.

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VXX is based on VIX futures, while you are likely referring to Spot VIX.

Anything built on futures has natural put skew on it because of the "decay" that results from the difference between futures contract and spot price as time passes, and the eventual rollover of futures

So, even when VXX is elevated, taking puts isn't always a "gimme" trade as a lot of the downside move is priced into the options.

Rather, put debit spreads or call credit spreads are a way to get more consistent profit in these scenarios

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