Time to buy insurance on an ‘unsustainable’ market?

Traders work on the floor of the New York Stock Exchange.
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Stocks have gone virtually straight up for more than five years. Interest rates are poised to rise. Volatility—a gauge of fear in the marketplace—barely registers. Every time the market swoons, like it did as October began, it snap backs as bullish traders "buy the dip," as Wall Street calls it.

Some say investors are following former Citigroup CEO Chuck Prince's ill-fated advice from 2007. "As long as the music is playing," he said at the time, "you've got to get up and dance."

Prognosticators like Mark Spitznagel think that music is about to end.

"History and logic show that this Fed-manipulated stock market is unsustainable," said Spitznagel, president of $6 billion Universa Investments.