An Idea for a Hedge

This bull market just keeps cruising along.  Today is the first time in 4 months that I haven't sold some stock from my account when I was doing the monthly adjustment.  They haven't been big sales, but sales, nonetheless...
I started looking at ways to further hedge the AIM account without shelling out a lot of money, or putting my account in danger.  Option guys say, 'you'd buy insurance on your house or car, wouldn't you?'  I just don't want to be constantly paying for insurance as a market rises, not knowing how far it is going to go.  I figure I'm on a pretty tight budget.
I started looking at the VXX Index, which changes with the short-term volatility of the market.  The great thing about the VXX Index fund is that it is an ETF, or Exchange Traded Fund.  You can hold onto it forever...it's just like buying a stock.  Options expire...you have to constantly renew them or buy new ones.
The VXX is historically low right now, because this market just keeps rising without much correction.  We all know that this will not go on forever.  In 2009, when the market was completing its crash, the VXX rose to around 7000!  I look at this as a great opportunity to create more cash for when the market does make a serious correction, or worse.  I bought a few shares in my account and some in my son's, who has a bunch of cash built up.  I also set up AIM accounts for each of them, so if it starts to go up (as it would in a serious correction), AIM would indicate how much to sell, so if it keeps going up (as in something more catastrophic), you'd still be making money on the remaining VXX shares.
When the market goes back into a long-term bull mode again, then you'd be asked to by more VXX as the market became more docile, usually in the latter parts of a long bull run.  The same rules apply, and the way I figure, the worst case scenario, as far as the VXX is concerned is that it keeps going down, in which case the market would be continuing its way up.  To me, it's a no lose situation.  I'll continue this and report if there does turn out to be a hidden problem with this plan.  It just seems that it is the perfect hedge to use on the other side of an AIM stock account.