The story of the day from the options trader's perspective is not the crimson red condition of the stock indexes, it is the VIX pumpage into extremely oversold levels as detailed by Bill Luby.
Adding poignancy to the situation I have been lured into a wager with Mark over at Option 911. The bet is that VIX will hit 30 before it hits 17. Convinced I would have my ass handed to me, I obtained very favourable odds; the payout, something moderately embarrassing if I lose compared to something really really REALLY embarrassing if Mark loses.
Right now, I'm feeling quietly and unexpectedly confident. :)))
N.B. - Neither Mark nor I are likely to be fooled by the randomness of such a wager, just a bit of frivolity folks.