You can see that "earthquakes" often have after-shocks as seen from the January down-spike and the March-April smaller tremors. I would expect that same this time. The immediacy of the withdrawal of fear from the market is dramatic and unwarranted from the perspective that I have about the market.
With VIX retreating dramatically and with prices back up to old "sell zones", I see this as an ideal short entry location. Target the lowest highs at the 187 level initially and we shall see how it acts when it gets there.
Tim 3:12PM EST Monday, October 27, 2014 SPY 195.86 last