I well remember the Smarty Jones fade. You've had tons of great calls on this board. Most speculator's who I know have got hung out to dry at least once shorting the indices this past year. Shit happens. And of course it'll happen again. Only next time it'll be the perma bulls. These guy's are missing a trading point regarding volatility. Big range day's with a declining VIX are OPPORTUNE times to leg long vol. The increase in deltas more than compensates for your gamma coming in. It's not as if vol's are getting crushed. (they've never been back to 2/27 levels) I'd sure as hell rather buy calls at a 14 vix and have the market rally 20 handles with the vix coming in to 13 than buy puts on a 30 vix and rising and still get only the same 20pt move in the underlying......