Reviewing the scenario, I can see how the market declines to the 62SMA, assuming names continue to decline. But again, certain internals do not suggest a big decline.
I will post a more detail description later, with charts. For now, here is how I am playing this thing:
I am maintaining my protection, for now, including the market puts and sold calls. But, and this is a BIG 'but', I added to the GOOG calls. And am strongly considering 165 April GS calls.
Side note: Loving the action in IBM today.