I came into the day with a medium sized net short position and was planning on materially adding to the position. The market opened down and I wanted to wait until the first options readings came out before adding to the position. However, by the time the reading came out the market was already down hard.
Traders are still buying calls today. While expiration days are very hard to predict I believe a significant correction has begun. I would be surprised if we did not go somewhere between 5% and 10% lower over the coming weeks. I am off to meetings for the next few hours.