Since election day, the S&P 500 is down about 3.8%. From the September 14 high, the S&P 500 is down about 7%. About 29% of the index is trading above the 50-day moving average. Stocks trading above their 10-day moving average is roughly 20%. This indicates a slightly oversold condition.
In Finisar (FNSR), there was a buyer almost 8,000 Dec 11 puts. The stock is at a double bottom. The company is expected to report earnings on November 28. In Applied Materials (AMAT), there was a buyer of 11,000 Nov 10 puts. The company reports earnings on Nov 15 after the market close. In Level 3 Communications (LVLT), there was a buyer of 6500 Jan 2013 27 calls. With the stock trading at about $19, this is a long-term bullish call.