New hedging strategy

I am hedging my overall stock market risk with CBOE VIX futures (rather than S&P500 futures). The numbers look quite compelling. The market is quite overextended (although I still like the long term). VIX futures are a great way to hedge. I think that vol. is about as low as it's going to go anyway, so there is little downside. OTOH, a steep correction would probably blow it out again, giving you a pretty good hedge. Of course if the market slowly sinks little by little, the hedge will not be as good. Unlike selling S&P futures, if I'm wrong and the market continues north, there should be almost no cost.