I have been hearing about how a huge move was coming, break out of triangle etc the last couple of weeks. Looks like the market is again trying to thwart as many as possible. If the big move is still in the cards option prices are looking cheap.
"cheap" is a relative term. The vix down 1.5 to 24 ish may look cheap compared to yesterday's 27 ish level on its highs but compared to 2005, 2006 and 1/2 of 2007's levels its pretty rich.