Your daily options news rundown for Wednesday, May 22, 2013.

2013 OIC Conference Coverage: SEC Address

The Options Insider’s audio coverage of the 2013 OIC Conference continues with  the SEC Address delivered by Heather Seidel, Securities & Exchange Commission

Option Block 245: Golden Tickets & Oompa Loompas

Trading Block: It was an unchanged day on the street with stocks hovering around record highs. Does this rally have legs, or are we poised for a collapse? There was a weird dip in SPX on Friday night due to APC. Jumbo SPX is a flop so far. Only 18 contracts have traded through the middle of last week.  Everyone is still refusing to list it.

Odd Block:Calls trade in Navios Maritime Holdings Inc. (NM), calls trade in Foster Wheeler Ltd (FWLT), and calls trade in Big Lots Inc. (BIG).

Xpress Block: Alex talks some more about the Trading Patterns Tool from OX, and what its most active trades have been recently.

Listener Mail: What do you want to know?

• Question from Douggie_L: Why all the fuss with Jumbo SPX? Why won't others trade it?
• Question from Montevecchio: I'm starting to learn about time spreads. Can you guys explain roll risk and how it can impact me?

Around the Block: A holiday this upcoming weekend. Watch out for the theta gremlins creeping into your portfolio.

Your daily options news rundown for Tuesday, May 21, 2013.

Volatility Views 91: Historical Lows

Volatility Review: Realized volatility plummeted. NASDAQ sits at 12.06 and S&P is even lower at 10.01. Don and Mark Sebastian called it.

Listener Mail: We answer listener questions.

• Question from Jackson Engles, Garden City, NY: When you are analyzing historical volatility, what time frame is most relevant? The past 30 days? The past three months, six months, etc.? What do you focus on in your analysis?
• Question from Timothy VanAllen, Baltimore, MD: I hope Mark didn't lose "the Voice of Options" at his unusual activity event. I couldn't make that one, but if you guys end up doing a Vol Views 100 live, I hope to be able to attend. My question has to do with vol skew. We hear a lot about the vol smile, but nothing really exhibits it. Can you guys think of any underlyings that really spike from a volatility perspective once they move away from the ATM in either direction?
• Question from ATL16: Dollar/Yen is crazy lately. What's a good source for FX vol info or analysis?
• Question from Phil Thomas, London, ON: In what conditions would the Vol Views Squad ever consider using upside VXX or VIX calls/verticals as a portfolio hedge? Or would you always stick with the good old S&P put spread/ratio spread?
• Question from Mr. Pop: Quick question -- What is your favorite position for trading volatility?

The Crystal Ball: Fading the short-term, buying the long-term. How long can VIX stay this low?

Your daily options news rundown for Monday, May 20, 2013.

Option Block 244: Car Talk

Trading Block: It was down day on the markets. A lot of political news came out of Syria late in the day. Could Tesla be Apple 2.0?

Xpress Block: Alex talks about the OX feature "Trading Patterns," which lets you look at what underlyings people traded in the OX environment. Available to most OX customers.

Strategy Block: Mike Tosaw discusses what we've been seeing in the market. Rallies in the market, staying long-term bullish but short-term cautious and collar strategies.

Around the Block: Earnings coming out soon: DELL, JCP and HP. A bit more stability in interest rates. Watching Apple, of course.

Your daily options news rundown for Friday, May 17, 2013.

Your daily options news rundown for Thursday, May 16, 2013.

Your daily options news rundown for Wednesday, May 15, 2013.

Your daily options news rundown for Tuesday, May 14, 2013.

Option Block 243: The Viceroy Trade

Trading Block: Another unchanged day. Netflix up due in part to the return of Arrested Development. Take Two earnings after the bell. Zynga gets a big pop in the day. First live day of jumbo SPX on Friday.  ISE lost its Supreme Court lawsuit and refuses to list contract. Ironic?

Odd Block: Calls trade in Zynga, Inc. (ZNGA), puts trade in VIX short-term Futures ETN (VXX), and puts trade in Solarcity Corp (SCTY).

Xpress Block: Alex Jacobson discusses his thoughts on the big OX event this weekend.

Strategy Block: Mike Tosaw dispenses yet another legendary rant of the topic of annuities. He also talks about the ratio spread.

Around the Block: Cisco earnings on 5/15, Cosi on 5/16 post 4/1 reverse stock split.

Options Insider Radio: BOX Enters Jumbo SPY Fray

In this episode, Mark is joined by Ed Boyle, Senior Vice President of Strategy at BOX.

They discuss:

• Jumbo SPY contract
• Mini options
• The risks of exclusively listed products
• Weekly options
• And more...

Your daily options news rundown for Monday, May 13, 2013.

Volatility Views 90: Sell or Sell Not, There is no Buy.

Volatility Review:

The dollar hit a historic level with the Yen last week, and this has had an effect on the currencies Vol. The inversion of realized volatility, where it's higher than VIX, continues -- a rather unusual occurrence. 

Volatility Viewpoints:

Dennis Chen. He is the co-author, along with Vol Views's own Mark Sebastian, of The Options Trader's Hedge Fund. 

Listener Mail:

Comment from Hawkeye: In honor of May the 4th, "Buy not, sell or sell not, there is no buy." - from Don "Yoda" Schlesinger. Thanks to all the volatility masters for such a great podcast!

Question from Mr. Todd: I found Mark L's comment about VXX being the #3 exchange traded product quite surprising. You guys have slammed that product frequently on this program. Why do you think it has succeeded among the entire universe of VIX ETPs? Thanks for the greats shows - when Mark "The Voice of Options" speaks I listen!

The Crystal Ball:

This curious situation with VIX really throws a wrench into the machine -- not sure where we go from here.

Your daily options news rundown for Friday, May 10, 2013.

Option Block 242: Dollar vs. Yen - The Eternal Battle

INTERVIEW BLOCK: Today's guest is: Kevin Davitt, futures broker at RCM. He comes to the Option Block today to discuss Ags, commodities and metals. As well as the record set by the dollar and the yen.

TRADING BLOCK: Only a bit of movement on the market today - S&P sitting at the 16 handle. Priceline earnings, Shatner might be disappointed with the results. Tesla exploded to hit $70 in the after hours. 

ODD BLOCK: Combos Trade in Vera Bradley Inc. (VRA)

Calls Trade in Digital Realty Trust Inc. (DLR)

XPRESS BLOCK: All the big option names: Tesla, Green Mountain, Apple, Lululemon and Priceline. Yen and Aussie Dollar light up the currencies. 

AROUND THE BLOCK: Don't forget about the Options Insider Unusual Activity forum coming up next week, Wednesday May 15!

Your daily options news rundown for Thursday, May 9, 2013.

Options Insider Radio: BATS, Moving Forward

In this episode, Mark and co-host Dan Passarelli talk to Jeromee Johnson, Head of BATS Options.

They discuss:

•     Past news headlines about BATS, good and bad.
•     The tech troubles that caused the failure of the IPO.
•     The effects of the CBOE shutdown. 
•     The semi-exclusive trading of Russell Index products.
•     Exchanges as SROs.
•     The introduction of mini options and the feedback from retail clientele.
•     BATS's cuts in fees for mini options.
•     The ongoing debate about Max/Jumbo SPY contracts.
•     Upcoming products from BATS.
•     And more!

Your daily options news rundown for Wednesday, May 8, 2013.

The Options Insider's Coverage of the 2013 OIC Conference continues with The Options Exchange Leaders Panel. Moderated by Paul Jiganti of TD Ameritrade

Featuring:

Shelly Brown, MIAX Options Exchange

Steve Crutchfield, NYSE Euronext

Jeromee Johnson, BATS Exchange, Inc.

Gary Katz, International Securities Exchange

Tony McCormick, BOX Options Exchange

Edward Provost, Chicago Board Options Exchange/C2

Thomas Wittman, NASDAQ OMX/NASDAQ OMX PHLX

Options Insider Radio: The Acquisition of NYSE

In this episode, Mark talks to Steve Crutchfield, Head of Options at NYSE Euronext

They discuss:

•     The status of the merger with ICE.
•     The future of options and equity business under ICE.
•     The influx of volumes at NYSE Amex. 
•     The introduction of mini options.
•     Liquidity providers and their role in mini options.
•     The interest NYSE has in the proposed Max/Jumbo SPY contracts.
•     Upcoming products from the NYSE.
•     And more!

Your daily options news rundown for Tuesday, May 7, 2013.

Option Block 241: "Legalized Front-Running"

Trading Block: The market trading much more modestly than recent rallies. ZNGA leaning on Farmville 2 - slashing 5% of workforce. Apple rallies up 11 handles, after they announced buybacks. VIX Cash well south of 200 day moving avg. of 15.26. VXX ranks as #3 exchange traded product by volume - avg. 53 million shares/day. Buffet's right hand man, Charlie Munger, calls high-frequency trading "legalized front-running" and "basically evil". EA earnings after the close.

Odd Block: Calls trade in Nationstar Mortgage Holdings. Inc (NSM), calls trade in Network Appliance Inc. (NTAP), and calls trade in Gran Tierra Energy Inc (GTE)

Xpress Block: Tesla lighting up the tape at OX. A lot of stocks trading through their strikes. Lululemon traded back below 75. 

Mail Block: Question from BillyMo (@b1llmoo): Do you guys think the Jumbo SPY will be listed on all exchanges and will it be penny wide.

Around the Block: The Jumbo SPY launches! EA update. Earnings: Activision - 5/8 after, Disney - 5/7 (The force is strong with them), Groupon - 5/8 after, Nvidia - 5/9, Tesla - 5/8.

The Options Insider's Coverage of the 2013 OIC Conference continues with The Buy-Side Wish List. Moderated by Steve Sears, columnist for Barron's

Featuring:

Will Bartlett, Parallax Volatility Advisers, LLC

Ken Kwalik, Goldman Sachs Options Advisory Services

Kyle McClements, BlackRock Advisors, LLC

Thomas Coccaro, Bow Street, LLC

Dennis Davitt, Harvest Volatility Advisers

Options Insider Radio: ISE's New Exchange

In this episode, Mark talks to Gary Katz, CEO of the International Securities Exchange.

They discuss:

•     The details about ISE's new exchange "Gemini".
•     The ongoing debate about Max/Jumbo SPY contract.
•     The difference between ISE and BOX approach to Max.
•     The effects of the CBOE shutdown and the future of exclusivity.
•     The semi-exclusive trading of Russell Index products.
•     The introduction of mini options.
•     Exchanges as SROs.
•     Upcoming products from the ISE.
•     And more!

Your daily options news rundown for Monday, May 6, 2013.

Volatility Views 89: Moving in Lockstep

Volatility Review: Market up 1% after some surprise news from the non-farms report -- better than expected. We had a unique week where the market was up and VIX was up as well, for 4 days in a row!

Listener Mail: Mark and Don take your questions.

• Comment by AsymmetricRisk on the Value of Gamma episode: Best Vol Views ever, by far, full of actionable insight. A whole new level for Vol Views. Keep up the good work.
• Question from Hawkeye: I just picked up Mark Sebastian's book The Option Trader's Hedge Fund. I am looking at the example where he uses a double diagonal, then "weights the vega." I understand why he wants to weight them, but I don't understand where he got the actual weight values he used from. Can anyone help? Thanks.
• Question from Tom B, Houston, TX: Hey Vol Viewers - My question is for Don and Bob from the Volatility Exchange. With the recent crash at the CBOE, are you guys at VolX at all concerned about putting all of your eggs in one basket when it comes to listing exclusively on one exchange? Would it be better for RealVol futures to be listed on all relevant exchanges? Thank you for this program. I look forward to it every week even though most of it goes right over my head. Mark L has the best voice in options, Mark S is a zany character and Don can recite volatility calculation like nobody's business. Keep it up! 
• Question from Tim L, Long Beach, CA: Does anyone offer the equivalent of FLEX options for volatility? If so, would you recommend them?
• Question from Athelas: What did Vix traders do during the CBOE crash? SPX has many outlets but there aren't any for VIX that I am aware of.
• Question from Tiny Tim: Where do the Vol Viewers stand on Vol before earnings? If you're long Vol, do you get out before the announcement? If you're short Vol, do you get out after the announcement? 

The Crystal Ball: Implied Volatility has possibly hit its bottom. These 1% moves a day could continue. 

The Options Insider's Coverage of the 2013 OIC Conference continues with The State of the Listed Options Industry presented by Andy Nybo of the TABB Group

Option Block 240: Questions Linger After CBOE Shutdown

TRADING BLOCK: The yo-yo markets continue - down 1%, up 1%. Facebook misses but still feels the love. LinkedIn down after hours. Earnings...Earnings...Earnings!

ODD BLOCK: Calls trade in Neutral Tandem Inc (IQNT) and calls trade in Monster Worldwide Inc. (MWW)

XPRESS BLOCK: OX unveils a new quick trade function for iPad users, as well as other new front ends. 

LISTENER MAIL: Question from TBD6: The CBOE outage made me wonder - what do I do if I can't access those products again?  Question from Nick Milligan, Toronto, ON: Do you think the CBOE crash will spell the end of proprietary products like SPX and VIX?

AROUND THE BLOCK: Non-farm payrolls. Earnings: CBOE 5/3 - before the open, Tesla 5/8.

Your daily options news rundown for Friday, May 3, 2013.

Your daily options news rundown for Thursday, May 2, 2013.

Your daily options news rundown for Wednesday, May 1, 2013.

Options Bootcamp 21: Playing Defense

Basic Training: Playing defense with options: it’s very important right now!

• Basic Defense: Protective Puts (full overview in Ep. 3)
• How do you hedge your position with protective puts?
• Intermediate Defense: Put Spreads and Ratio Put Spreads.
• Covered Calls - (full overview in Ep. 4) How do you generate income with a modest hedging impact?
• The Power of the Collar: combining the put and the call into a beast of an option. This is the favorite defensive strategy of most financial advisors who use options.
• The pros/cons of repeatedly doing zero cost collars.
• Volatility Defense: VIX Options/Futures. The myth of VIX's perfect inverse correlation- there are problems with relying on volatility as your only hedge, i.e. black swans, days when VIX outperforms, etc.
• The pros/cons of direct defense vs. indirect defense.

Mail Call: Hey recruits, what do you want to know?

• Question from Tina K. - When (if) should I consider volatility products as a hedge?
• Question from Mr_Zen - Can you explain the difference between iron condors and iron butterflies?
• Question from Alan O - What do the drill instructors think of the Minis so far? Are they worth exploring for basic options traders?

The Advisors Option 5: Asset Allocation

Tricks of the Trade: The myth/lie of asset allocation.

• It used to be 20 different underlyings to be fully diversified. Now with increasing correlation, it is closer to 40.
• Debunking asset allocation as a method of defense. The old style of asset allocation in no longer effective.
• Absolutely nothing about options, hedging or volatility was discussed at the Morningstar Advisor Event last year.
• You are not fully diversified in this market unless you have something that gives you volatility exposure and negative correlation, i.e. protective puts, collars, volatility instruments, etc.
• "Hedging is too expensive!" The cost of the protection is mitigated, particularly if you manage the positions effectively.
• Outperforming to the downside is still outperforming.

• Defensive positions can still generate competitive returns.

The purpose of this conversation is not just to promote Swan, but also to show that incorporating options into you asset allocation is part of the fiduciary responsibility of any advisor in this marketplace.

Listener Mail: Tell us what you want to know:

• Question from (Name withheld) - As an active financial manager coming to options for the first time, I'd like to know what the hosts consider to be the most effective options position for busy advisors? If I only have time to learn one, I'd like it to be the best.
• Question from Tom Meadows, Pittsburgh, PA - What percentage of financial advisors and planners do you estimate currently use options?
• Question from Allan Gregory, San Diego, CA - If options education for financial advisors is such a problem, why doesn't OIC or some other entity offer a certification course for planners and advisors?

Your daily options news rundown for Tuesday, April 30, 2013.

Option Block 239: Rally Ho!

Interview Block: Today's guest is Erik Long from Quant Trade, a CTA who primarily day trades futures. His method of looking at the markets can be associated with any time frame and he has some interesting insight for our listeners.

Trading Block: Rally Ho! Again. There was some serious tech love on the street with Google, Apple, Intel, and IBM up 2% or more today. Overall earnings season is still not living up to the hype.

Odd Block: Calls roll in Health Net Inc. (HNT), puts trade in Canadian Solar Inc. (CSIQ), calls trade in Energy Transfer Equity LP (ETE), and there was a steady put seller in Northern Oil and Gas Inc. (NOG).

Xpress Block: Herbal Life, Facebook, Apple, Google and IBM all kept traders at OX locked to their desks.

Around the Block: Substantial juice levels going into earnings on the 1st.

Options Insider Radio: CBOE Tech Troubles

In this episode, Mark talks to Ed Provost, Executive VP & Chief Business Development Officer at CBOE.

They discuss:

•     The technology problem CBOE experienced last week.
•     The potential for people to review CBOE's proprietary products.
•     The semi-exclusive trading of Russell Index products.
•     Extending the S&P license.
•     The attempts to threaten CBOE's SPX excuisivity.
•     VIX ETPs
•     The introduction of mini options
•     Exchanges as SROs
•     The possibility of tradeable VIX products
•     And more

2013 OIC Conference Coverage: Exchange & Committee Updates, Part 2

The Options Insider's coverage of the 2013 OIC Conference continues with the Exchange & Committee Updates.

Exchange and Committee Updates
Joe Bracco, BATS Exchange, Inc.
Patty Schuler, BOX Options Exchange
David Gray, Chicago Board Options Exchange/C2
Geralyn Endo, International Securities Exchange
Shelly Brown, MIAX Options Exchange
Greg Ferrari, NASDAQ Options Market/NASDAQ OMX PHLX
Todd Wilemon, NYSE Amex/NYSE Arca
Carolyn Mitchell, OCC Business Development
Alan Grigoletto, Options Industry Council
Ellen Greene, SIFMA Options Committee
Joe Corcoran, Washington, D.C. Update

Your daily options news rundown for Monday, April 29, 2013.

Volatility Views 88: Reestablishing the Norm

Volatility Review: Vol has spiked in the last week, going nearly as high as during the Italian elections. CBOE computers go down. How does the inability to trade VIX affect the overall markets?

Listener Mail: Mark and Don will take your questions now.

• Question from Phil Z. - Mark, love the show! Could you explain what you, Don, and Mark S. mean when you say VIX has "roll risk"?
• Question from Tom S. - Do you agree with the theory of your guest that near-term S&P OTM puts are the most resilient to time decay?

The Crystal Ball: VIX should stay high for a while, but will not go above 14%.  

The Options Insider's coverage of the 2013 OIC Conference begins with the Exchange & Committee Updates.

Presenters were:
Joe Bracco, BATS Exchange, Inc.
Patty Schuler, BOX Options Exchange
David Gray, Chicago Board Options Exchange/C2
Geralyn Endo, International Securities Exchange
Shelly Brown, MIAX Options Exchange
Greg Ferrari, NASDAQ Options Market/NASDAQ OMX PHLX
Todd Wilemon, NYSE Amex/NYSE Arca
Carolyn Mitchell, OCC Business Development
Alan Grigoletto, Options Industry Council
Ellen Greene, SIFMA Options Committee
Joe Corcoran, Washington, D.C. Update

Option Block 238: Markets Have a Headache

Trading Block: Weekly expiration this Friday. Exxon sells off after a disappointing earnings announcement. CBOE was down for most of the day, causing a lot of headaches. Bundesbank came out and rejected the "outright monetary transaction" taking the wind out of the sails today.

Odd Block: Put spreads trade in Open Text Corp. (OTEX),calls trade in Supernus Pharmaceuticals Inc. (SUPN), giant combination trades in Talisman Energy Inc. (TLM), and crushing volume in Incredimail Ltd. (PERI).

Xpress Block: News just crossed the tape that George Soros just purchased an 8% stake in JC Penney.

Strategy Block: Uncle Mike, Andrew, and Alex each discuss their favorite war stories about some of the dumbest trades they've seen.

Around the Block: Upcoming earnings include Amazon, AIG, Pfizer, JC Penney. Could Europe end up back on the warning screens?

Your daily options news rundown for Friday, April 26, 2013.

Your daily options news rundown for Thursday, April 25, 2013.

Your daily options news rundown for Wednesday, April 24, 2013.

Option Block 237: Buy Juice, Be Happy

Trading Block: VIX cash turns to the dark side. CAT earnings were not overwhelming. Netflix earnings have yet to come out, but there’s a lot of love for the "widow maker." Microsoft is also feeling a lot of love.

Odd Block: Calls trade in General Motors Corp. (GM), calls roll on a Medivation Inc. (MDVN) spread, and big calls trade in Micron Technology Inc. (MU).

Xpress Block: Alex discusses how we're starting to see volume in big cap names again, like Proctor & Gamble, GE, Oracle, Intel, and Microsoft. Apple and Amazon earnings this week, please understand the risk if you're a premium seller.

Strategy Block: Uncle Mike talks about puts in GLD, including when and when you should not to roll a put. Long-term bullish, short-term cautious!

Around the Block: More earnings yet to come this week, including Facebook, Zynga, Apple, Ford, and Amazon.

Your daily options news rundown for Tuesday, April 23, 2013.

Volatility Views 87: It All Comes Down to Timing

Volatility Review: The VIX shot up at the beginning of the week, but was selling off by the end of the week. There was a broad vol story happening this week, particularly in the commodities with gold vol spiking 500% over two weeks.  

Volatility Viewpoint: Bob Krause discusses the RealVol Index, available at VolX, which features nine daily indexes. Bob also talks about how a real-time value can be calculated from a daily value.  

Listener Mail: Tell us what you want to know.

• Question from Blake M, Troy, NY: If I trade bullish risk reversals, does the volatility premium give me an inherent advantage over collar/bearish risk reversal trades? 
• Question from Mitten, Toronto, ON: When does VolX plan to launch a RealVol contract on commodities? I think a metals contract would be very popular and profitable for the exchange.
• Question from Mike P: Mark, are you aware of any research, or can you bring on any guest to discuss to the performance of at-the-money straddles during earnings cycles? It can be either from the short or long side. I'm surprised at the lack of available information on this topic, given the importance of the subject matter. This impacts pretty much every options trader at least once every quarter. Any light that you could shine on this through your fantastic radio network and website would be very much appreciated.

The Crystal Ball: Apple and other earnings next week, which have an impact on vol premium. The bulls could be coming back in force.

Your options news rundown for Monday, April 22, 2013.

Option Block 236: Riding the Earnings Rollercoaster

Trading Block: The market was down big time. Again. Earnings-palooza after the close with CMG, GOOG, MSFT, and IBM reporting.

Odd Block: Puts trade in Bally Technologies Inc. (BYI), put spreads trade in Banco Itau Holdings SA (ITUB), OTM puts trade in Auxilium Pharmaceuticals Inc. (AUXL), and Financial Select Sector (XLF) puts trading early.

Xpress Block: Alex Jacobson discusses pending legislation in Washington. New proposed tax laws: capping IRAs, and the elimination of 1256, which creates mark-to-market accounting for every contract.

Around the Block: More earnings fun.

Basic Training: We present two choices for using options in lieu of stock:

Stock Replacement Strategy.

• How does it work? Examples include:
• An ITM leaps call purchase - requires premium over parity payment
• Selling a one month ITM put - for the more options savvy trader.
• By swapping out a LEAPS for an underlying, you get a much more preferable position from a Greeks perspective.

Stock Repair Strategy

Under the right set of circumstances, it can be very useful and practical. Appropriate for stocks that fall in value of 20-30%, that you feel within a few month can recoup half of it losses. How does it work?

Mail Call: Bootcampers get their questions answered.

• Question from M Higgins: My financial advisor is not a big fan of options. He keeps trying to steer me into annuities and life insurance policies instead. What do you guys of those products as investment vehicle instead of using options?
• Question from Mr. Anonymous: I've heard a number of options traders, including hosts on this network, use the term "legging" when referring to options trading. What does this term mean? Thanks for your help and for all of your fine options content. The Options Insider Radio Network is truly a unique options content destination for options traders.
• Question from T Biz: What do the drill instructors think of the potential jumbo/max S&P contract?

Your daily options news rundown for Friday, April 19, 2013.

Your daily options news rundown for Thursday, April 18, 2013.

Your daily options news rundown for Wednesday, April 17, 2013.

Your daily options news rundown for Tuesday, April 16, 2013.

Option Block 235: The Difference Between Risk Management & Market Timing

Trading Block: An aggressive selloff wipes out most gains on the street today. Precious metals take a bath on the news that China development is slowing down. Gold down 9%. Priceline, Apple, Google, everything down. It was a bloodbath.

Xpress Block: Alex Jacobson discusses what was up and what was down in this very prominent date on the market.

Mail Block: What do you want to know?

• Question from Phil Bickers, Binghamton, NY: If I buy 10 regular contract with 5 Minis at OX, do they all count as a single trade, or am I going to pay the minimum plus the contract amount for each trade separately?
• Question from Mr. T-Box: What do you guys think of the Minis so far? Commissions are high for contract size and the spreads are wide. Are they worth trading, or should we wait and see?

Strategy Block: Uncle Mike Tosaw discusses reallocation, as well as working out the difference between risk management and market timing.

Around the Block: Earnings this week include: Google, IBM, and Intel.

Volatility Views: The Value of Gamma

Volatility Review: Gold vol is getting crushed and is off about 4%, with similar action happening in silver.  Money is leaving gold and entering bonds and stocks. The Bernanke straddle is in full effect as money flows in from Asia. Lowest realized vol in Gold was charted in early April, with vol spiking ever since. Vol of vol is around 170, and is likely going over 200. 

Volatility Viewpoint: Today guest is Shreyas Chari, Principal at Satwic Capital Partners. He discusses gamma and its relative value in the marketplace, as well as other aspects of volatility.

The Crystal Ball: Weekly options are becoming more efficiently priced.

Your daily options news rundown for Monday, April 15, 2013.