How Serious Is This?

With the Dow down over 500 points, and knowing we have been here before only to turn on a dime and go back up, how serious should we be taking today's decline? On the chart below I've drawn a channel around the February 9th market low. A break below that low at 23,360 could be a fake out, since so many traders are following it as "support." A break below the channel, below about 23,200, would be the real deal and possibly open the flood gates for a move much lower. In such and event, all SHORTS in the tables below will do quite well, starting with SPY puts and UYVXY and/or VXX calls.