Who knows how long it will last (or if it's in that many markets besides the SPX) but, with the VIX9D at 9.85, and the VIX at 12.45, that's a fine starting point for a calendar. (YMMV. Calendars are not something I generally do. This just kinda pops out -- 2.6 vol points??? Yowie. ) ((The chart: just so it's plain, the green is quotes of VIX9D, and then of VIX. The orange is calls IV at 20δ, the bluish is puts IV at -20δ.))
I have a strangle on the Qs (yes, it's market-wide) that I'll be closing today. It was a hedge against a quick downward move...a very, very cheap one.