A long call option in the VIX has been over-crowded for sometime, instead taking a queue with the VIM2017 for June futures was more logical as it has also been over-due for a correction before June'17 expires by the end of the 2nd quarter trading. The motivation has been identified to be a technical Island formation and the fact that a third price swing above 18.00 would be an attempt in line spread over a defined period of time.
An alternative Plan B and an arbitrage Hedge is likewise in the making to ensure gains made over the carry-over period from last 4th quarter of 2016 would be protected in the event that such declines would continue to do so unexpectedly. Since we have called the price @2200-2500 for the SP500 Index, which is @2269 to this writing. In the event of a turn around, timing a relatively increase in market volatility will justify this strategic move. This would reflect only a price reversal not necessarily a trend reversal as prices are still well within a major decline.