http://www.traderslaboratory.com/for...html#post22003
This is what I did with my SPY options on this kind of play. i didn't do anything with the vix options. profit target...basically want SPY to remain above 150. I figured 1500 would be a level that bulls would defend on SPX and it gives me a nice bit of cushion for the next 30 days. Good chance of working out, too, based on the volatility.