Looks to me like most covered their shorts (or soiled their shorts) on that 34 pt rip yesterday thru last evening...Granted, it's bearish action, the vertical one way rallies, but very hard for most to stay short thru that stuff.
My stomach was turning looking at the prices of the puts. X(. That is Fridays settlement. With the ES up almost 30 points we should get a nice IV drop for potential buyers.