All Time Highs do not Impress

The move in the S&P 500 ($SPY) to the upside has been on low volume, with volatility still holding up going into March, April, and June.
If you look at volatility futures they are trading at the $18-$20 level which is 10 percent over the cash $VIX that is reported in mainstream media. This action is signalling the potential of a short-term reversal on the horizon.
We are looking to add Volatility exposure by using the March VIX calls by buying the March 15 or 16 calls that expire in March.
Now to off set this purchase you can spread off the purchase by selling the 18 or 19 calls against the purchase of the lower strike calls. Also, you should not commit more than 5 percent of you portfolio to this position.
Have a good trading day!