Not sure if you guys noticed but VIX broke 10 again today, the second time this year, and the lowest level since 2007. At the same time VVIX also held itself at low levels. Take a look at today's candle:
A VIX this low does not mean that things are going to blow up. In fact, calls are probably the better play for most traders as they are going to do well with vol this low and the market going up. That said, it is super cheap to hedge right now.
With VIX at 10.11, if one is long and is not hedging, even though its probably not going to be a winner, they are missing out. One can hedge out to July for a vol of less than 14 in the VIX futures. That is cheap. We like backspreads in VIX. Essentially if one is long and NOT hedging, they are lazy, a jerk, or both a jerk and lazy. HEDGE.