Volatility is Smiling

The volatility picture that I see is a sell off in volatility that is about to pick up as the IYR makes new lows. I do not foresee new highs in volatility, this ties in well with a 5th wave new low.

To play it particularly safe in the short term I am applying a delta neutral strategy by buying both calls and puts at spot, hoping that there will be an increase in Volatility.