Volatility Index (12 Jul 13): $VIX 13.84

With the VIX just under 14.00 and the S&P 500 nearing a breakout, we could see the VIX sitting somewhere in the 12.00 range should equities continue their move.

VXX $17.35
Buy (2) Jan 14 16 P @ $2.58
Target Price (30%): $3.35