I was buying LEAPS SPY puts late last year (last Sep, actually) and building short positions going into this past Memorial Day weekend. After some initial doubts about timing early this summer they're all doing quite well and I've closed a few positions out already for nice gains. If I was to buy puts or more hedges NOW I would do so in much smaller amounts since IMHO 'the move' is already underway and volatility might give me a better cost basis on a given position if built over time.