After getting blown out of my SPY calls this morning for -25%, I switched into SPY puts and now at 19%. I probably should've lightened up more yesterday as I was getting a bit apprehensive about my position.
Anyways, whether we bounce oversold or not, it looks like for next handful of sessions there could be more downside. Some of the indexes like NYA AND RUT are near long term breakdown levels where others such as SPY QQQ just broke today. RUT's symmetry is something to note. Quite a few indicators are not quite very oversold on the dailys leaving room to go.