The most impressive traders I know ask really good questions. The least impressive traders I know don't ask questions.

This morning I've been up for a while and having quite a few online conversations. One of the major topics has been the recent rise in VIX, put/call ratios, and options skew in the index option market. Does that mean that bearishness is overdone? Does that mean that smart money is pricing in a surprise election outcome? In the face of such sentiment, how can one best position one's risk-taking before and after election results?