Equities Market: The Wild Ride is Far From Over

I put a risk/reversal on in the S&P 500 (SPY) against the June contract. The current for the June contract is at 1,412. I sold some 1450 calls and bought some 1350 puts for April. There's a premium for the puts of 3 points. Even though the calls are closer to the money by 12 points, there is still a premium of 3 points for the trade.

That tells me that the market is heavily favoring the equities markets to come down. Considerably. Within a month.

Anyone who thinks that wild ride in the equities markets over the past two weeks is over, may want to think again.