Here is another indicator to look at the Put/Call ratio, right now it's indicating there is are more puts being traded then calls.
Put/Call Ratio: Based on CBOE statistics (http://www.cboe.com/), the Put/Call Ratio equals the total number of puts divided by the total number of calls. When more puts are traded than calls, the ratio will exceed 1. As an indicator, the Put/Call Ratio is used to measure market sentiment. When the ratio gets too low, it indicates that call volume is high relative to put volume and the market may be overly bullish or complacent. When the ratio gets too high, it indicates that put volume is high relative to call volume and the market may be overly bearish or in panic. StockCharts.com charts the Put/Call ratio under the symbol CPC (current chart)" title="$CPC (current chart)" class="scLink">$CPCCPC]">.
So the bearish trade might be over crowded. But looking at the ISEE it's above 100 indicating a more Bullish view.
It will be important to see what the market does today, a close above 804 is bullish and I will be comfortable taking off my Puts and letting my Calls ride.
