He defines a crash as a 60% drop from the peak that stays below 50% of their peak until the end of the year. Can that happen? I don't think so; today was a nice fall (those Jan 720 OEX calls were down $20, but closed at $50 -- still a nice run from the $13 in October), but watch for the bounce tomorrow. My only question remains: where will all the cash go? Just because the market took profits today doesn't mean that there won't be another few $B rushing in tomorrow.
What are they going to do, buy bonds?