Protect assets with Leaps?

[TemporarilyRich]

I'm soon to retire (60s+) and have about $1m invested in a fixed ratio diversified sector index portfolio. Sure would like to protect this from disappearing as all the economic weirdness unfolds over the next year or so.

I could simply put a trailing stop limit on my equities at, say, 10%, which would liquidate me at 90%, but I'd like to remain invested since timing the tops and bottoms is impossible. If the stops trigger, I wouldn't know when to get back in.

So what do y'all think about my spending 10%+/- for 60 Dec '10 SPY 94 Leaps? That would protect my equity portion at today's levels for 1 1/2 years but allow me to stay invested in the (unlikely, I must admit) case the market decides to continue up. . . .