Looking for a cheap hedge - try JNK

Vol across the board is cheap. Maybe not cheap to realized going into a holiday weekend, but based on the countless number of tail risks in the market - Sov crisis, China slowing, potential US economic head-fake, Iran (and now Iraq), and not to mention the every growing unprecedented level of intervention by Central Banks. Just because it looks like we might close 2011 on recent highs doesn't mean January or February won't be a mess. Check out JNK Jan puts ahead of the new year for around 7 vol.