SPY:$VIX Ratio Chart (19 Jul 13): 13.49

In summary, the SPY:$VIX chart remain bullish and the intermediate-term outlook is thus positive.  There might be a sharp, but short-lived correction at any time, but as long as the indicators remain positive, any correction should be limited in nature.

SPY $169.17
Buy (2) Jan 14 180 C @ $1.97
Target Price (30%):  $2.60

VXX $16.17
Buy (2) Jan 14 15 P @ $2.26
Target Price (30%): $2.95