The SP500 Vix overlay is making me purchase put protection via the SPY. It is at the low end of its this rally's trading dynamic.
UPDATE - 04/16/11: Did some digging over the weekend, regarding the VIX pricing and why it declined so much. The linked article is a good explanation. Basically, the current set up maybe false due to the role over. Regardless of the role over, the level was still in the low-end range that merits caution for me.