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Based upon the hourly chart of the VIX, the current point appears to be a relative extreme in the VIX relative to its larger trend. If you purchased put options on the indexes after my post at the beginning of the week, then this would be a first scale out point to exit part of the position. Now certainly there is possibility of further downside, maybe dramatically more, but for near term expirations or as part of consistent scale out strategy this makes sense as an exit or partial exit point on put option.
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