I agree Jord, but this is what a sideways, low conviction market looks like. You've seen me on here try to short the major indexes twice only to be one upped by the FED's verbal actions. I prefer to make less chess moves until this range-bound market is broken. The bond market is signaling trouble ahead. My guess is August/fall?
The other factor here is the ECB and when will they come to the rescue with their version of QE. Tough to short or buy VIX when you have the Fed's liquidity and the threat of more ECB liquidity.