The VIX is your friend, not your foe. The massive resurgence in volatility (as measured by the Cboe Volatility Index – VIX ) has revealed market vulnerability coupled with significant uncertainty. But it has also uncovered market opportunity. With the VIX hitting a multi-year high of 65 this week, elevated options premiums offer higher risk/reward scenarios. I want to establish a bullish view on the S & P 500 ETF (SPY) that allows an investor to withstand additional volatility reverberations while positioning for markets to move higher into year end. .VIX YTD mountain Cboe Volatility Index, YTD The VIX, also known as Wall Street’s “fear gauge”, vaulted above 60 earlier this week, the highest since pandemic induced volatility back in March 2020. It is the index’s highest reading outside of two unforgettable market meltdowns, the Great Financial Crisis stemming from the failure of Lehman Brothers in September 2008 and the global pandemic, Covid-19, in early 2020. I believe we are still in a range when it comes to the S & P 500 and that using technical can assist in establishing a view. Utilizing a risk reversal may test a trader’s stomach of owning the market during these acute moves but, it also allows an investor to participate in a swift move higher if and when markets calm down. The Trade Sold the SPY $500 10/18/2024 put for $8.00 Bought the SPY $550 10/18/2024 call for $8.25 This spread was established when SPY was toughly trading $530 This risk reversal cost $0.25 or $25 per one lot An investor must be comfortable owning the S & P 500 around 5,000 and also will need the cash set aside as this trade is selling a cash-covered put. In the event you disagree with my bullish view, feel free to take the other side of this trade. Every buyer needs a seller. DISCLOSURES: (Long this spread, long the SPY, short SPY $520, $525 puts) All opinions expressed by the CNBC Pro contributors are solely their opinions and do not reflect the opinions of CNBC, NBC UNIVERSAL, their parent company or affiliates, and may have been previously disseminated by them on television, radio, internet or another medium. THE ABOVE CONTENT IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY . THIS CONTENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSITUTE FINANCIAL, INVESTMENT, TAX OR LEGAL ADVICE OR A RECOMMENDATION TO BUY ANY SECURITY OR OTHER FINANCIAL ASSET. THE CONTENT IS GENERAL IN NATURE AND DOES NOT REFLECT ANY INDIVIDUAL’S UNIQUE PERSONAL CIRCUMSTANCES. THE ABOVE CONTENT MIGHT NOT BE SUITABLE FOR YOUR PARTICULAR CIRCUMSTANCES. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR. Click here for the full disclaimer.