I don't care about the direction of the general market because the market does not dictate when and where I find sheer outrageous value. However, I do believe the diligent investor can leverage volatility in crazy market swings like these in order to generate some alpha for their portfolio.
After going long on this at $36, I aggressively moved my stop losses up to guarantee a small profit. Right now its a virtually risk - free way to express long vol. That is, unless my stop loss gets gapped down. We'll see.