IF I didn't already have good coverage...

This is a VERY tempting area to buy, whether equities or options, if I didn't already have good coverage in IWM, QQQ, AAPL, GOOG... I'd be buying in this area.

In fact as an opportunity, if we get a little downside I may look at a position here just because of the opportunity, but I'd like to see a move down that has the market thinking the market is heading lower (and believe me, I'll make the bearish case as well as anyone, it's just the market doesn't move in straight lines, especially around important reversal areas).

If I was looking to take advantage of the move by way of long equities in the averages or maybe some of the stocks like GOOG or AAPL, I'd have less problem buying them here than options as the dynamics are different in pricing, equity positions are at the cost they are at, options change do to volatility.

Just an FYI...