The VIX is trading at around 14, dipping below it while the S&P 500 Futures contract is trading at 1424. These are respectively new lows and new highs since the top of May 2007.
Getting into September with these kind of set up should prove to be interesting, September and October being historically the ugliest bloodiest months for bulls and complacency being extreme.
With VIX at 14, it doesn't make sense to be short volatility, and it's actually quite a bargain to buy options.
On my portfolio, I closed all my short IWM Puts, which were deep out of the money and brought in gains of 70-80% and bought some more PUTs ATM on IWM. This means that I have closed my hedges (which currently didn't cover all my losses on my long put options), and got more shorts.