The 10-13 Week Cycle

...but rally they will... IMHO, at least.
Chart just above shows STRONG SUPPORT near 875 for SPX

OPTION WATCH
Date (t) .SPX. SPXAO SPXMO Strad SPXAJ .OEX.. OXBAH
Strike. Index. 875.C 875.P .C+P. 850.C Index. 440.0
12.26-c 889.66 31.00 +++++ +++++ 50.90 450.60 22.00
12.27-i 885.05 27.50 18.00 45.50 46.30 448.31 17.50

CODE: c=Close / i=Intraday
NOTE: At SPX of 875, Jan.875c should cost about 22.00
$22.00 x 5 options: $11,000