The $VIX has fallen so swiftly, and the charts are shaping up so nice, I actually will say going short the market right now (it's 1:15 p.m. EST) might make a lot of sense. I'd say a tight stop on the S&P 500 at $1,396 would keep you safe.
Tim Knight founded Prophet.net, considered by Forbes and Barrons to be the #1 technical analysis site (sold in early 2005 to INVESTools, where he is the SVP of Technology now). Tim has been trading actively since 1987 and focuses mostly on option positions. He is a dyed-in-the-wool technician, leaning heavily on marked-up charts for his analysis. The contents of this blog are NOT to be considered investment advice, and you should know Tim may or may not have positions in the securities mentioned here.