If you had all the time in the world, I'd watch the VIX. When it spikes, buy the XIV (inverse). It's practically guaranteed to increase in value throughout the day, volatility can't stay in a spiked state.
We are in a long term contracted state of volatility. Professionals who understand how to manage risk may make the trade(s) that you’re suggesting.
http://www.cboe.com/products/vix-index-volatility/volatility...
VXX is an ETN that's long on the VIX. And XIV is an ETN that is short on the VIX.
ETNs have their own precautions to take into account.