Historically in the past 20 years, it looks like we have reached this level of volitility a handful of times, 8 to be exact. The HIGHEST we've been on the VIX is during 2008 recession, which marks the worst ever in history since Great Depression.
We aren't on that level (yet), but the other 6 times excluding this one we are currently in, there are patterns. The bar has closed and we are at 40 on the VIX scale. The other historical time that this has happened was in 1998, which I assume is the dot-com bubble or something.
Regardless, the common trait amongst all other 7 times is that it is a period of volatility for three solid months, at least.
Shouldn't be looking to buy companies going UP anytime for at least the next three months, IMO.
Selling call options Buying put options 3 months out Option Straddles and Short term options scalping either way