Financials with the big perk up this morning. AIG near a buck and a half from .40 earlier this month. Buying gamma in some of the big banks here an easy shoe in. Either we have busted out of a trading range in them, or else the shorts have covered and we head back down. Either way, the ATM struddle looks nice. With a bearish bias, I would maybe sell some out of the moneys also, but only for a trade.
The IBM/SUN deal rumor put a fire under the tech group, but the oils and consumer staples are dragging. Would not be surprised for that expiration week vol swing from these levels. We held 750 SPX, would like to see a recut of that level before I get super long again.