When buying or selling a VIX® futures contract, there are many factors to consider. First and foremost should be an outlook for the underlying VIX index. Although the pricing relationship between the VIX index and the VIX futures contracts may be disconnected at times, eventually the two converge at expiration of the futures contract. The expected timing of any price movement in the futures contract should also be considered. Timing needs to be considered because there is an expiration date for the contract. Finally, an outlook for the overall stock market should be considered, because there is an inverse correlation between the direction of the stock market and the direction of the VIX index.