VXX should no longer have massive decay

At this point, VXX owns almost entirely Dec VIX futures, which aren't trading at much of a premium to the index anymore.  But Jan VIX futures are still quite pricey, so I'm short that against some ITM SPY puts with IVs under 18%.  Not trying to lose too much time premium.  If Dec VIX futures begin trading at a discount or in line with the index, I'll swap the puts out for a long Dec VIX.  The pair (long Dec and short Jan) will be a slightly bearish on the mkt, since Dec will move more in line with the index.  Will keep that in mind.