S&P 500 (SPY): Adding Insurance to Portfolio

The current portfolio holds several long positions that are working very nicely.  This includes TBT, RIMM, AAPL, V, LVS, LPX, MCO, YUM, C, YRCW, ZION, LEAP and AMLN.  However, I am also looking at SPY just inching to breakout above 52-week high and VIX at all time low.  This concerns me a bit as I believe the market is once again getting too complacent.  There is a possibility that SPY could have a double top formation here.  

I want to take out a small insurance policy through following SPY butterfly spread:


- Buy to open 1x April $104 puts
- Sell to open 2x April $109 puts
- Buy to open 1x April $114 puts


I fully expect the trade to expire worthless and lose money.  But, having this can at least assure me a good night sleep.  I just filled the order for $0.90 debit. 


I am reluctant to initiate any new long positions with S&P near 1150.  Though I like CTXS, MU, ETN, NUVA, RF and a few others.  I want to see high volume breakout of S&P above 1150 before I jump in.  


Good luck!