Buy Is More Logical Now:

In just a few short minutes, again, the put-call reading has jumped to 1.28 from under 1.00. This indicates to me that put volumes, coupled with VIX readings of nearly 24, up from 22, show that hedgers have hedged against downside risk and that there is now more upside potential than downside risk.

I have more confidence in this trade now, and we are "in" now that 11,216 has been hit on the way down.

11,220 last @ 3:47PM