### Comment:
VIX spikes when the market drops. VIX does *not* spike when the market surges. So if we get a VIX level in the 99th percentile, that's your indication that the drop is done and panic is at a maximum; and that's when you buy calls.  
  
 Doesn't *always* work, but it's better than buying puts...

### REPLY:
There are notable exceptions to this. VIX went up on Friday even though the market surged. Sure, it didn't spike, but it didn't go down like it normally does either. Not sure what to make of this.

### END.