VIX term structure

This is not looking good. The spread between the 90 day volatility index VXV and the standard "fear gauge", the 30-days VIX continues to grow. The growing spread means there is elevated put option buying in July August, September SPX cycles. While at the same time there isn't any fear near term. I am contemplating an SPY put purchase. Perhaps I will buy a full position over several days , up to a week.

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