This is why I hold a position in TVIX right now. I know it's not prudent to "Hold" TVIX but I ignore the hourly/daily fluctuations because the S&P could drop quite a bit more. Should get a good sell price within the next couple of weeks.
If you don't have a set of these you best put your money in a CD.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.