Something abnormal is going on in equities right now. There's a massive amount of put buying on the CBOE. As of 1 pm EST., there's nearly a 3-1 put to call ratio on the CPCI. This is not even close to normal behavior on the indices. We only see a 3-1 put to call buying on the CPCI in very steep downturns. We could see an immediate huge sell-off coming in equities. It doesn't look good for the short term at least. Last two times we saw put buying of this nature was in September and November 2008. Be careful. Read Cobra's Market View for more this afternoon.
Disclosure: All Cash