Ok here's a link to the five year chart on the VIX best known as the volatility index. every time it spikes it crashes, even in a bear market. What I do is wait patiently for a spike, then start buying SVXY and puts in UVXY. The puts I buy are at least 2 months to expiration. I bought 200 shares of SVXY when the VIX spiked over 21 last week and kept buyin in 200 share increments and now hold 1200 shares, with the last 200 shares purchased yesterday at just over 55. I am now also holding 85 put contracts in UVXY which expire in DEC, JAN, and MAR. http://finance.yahoo.com/echarts?s=^VIX#%7B%22range%22%3A%225y%22%2C%22scal e%22%3A%22linear%22%7D