The best time to use the VIX (If you so choose) is when the market is bathing in ...

stock photo : A man jumps over the word fear on an arrow, illustrating the bravery and courage needed to overcome and conquer one's fears and anxietiesstock photo : Businessman or stock broker with cellphone

Sort of what happens from time to time... this thing flares up and drops so fast that you are better off with just shorting the Nasdaq, Russel or the S&P when the market goes for a SH_irT.