Daily Options Report

I'm not real big on caring about the *why* of a market move, but they tell me it has something to do with Greece, so we'll go with that.

So for the precious few of you reading past the pictures, here's what I've done. Other than biking for an hour.

Well, had long gamma in a handful of spots, so nibbling on stock on the way down in X, FCX, GS and AAPL. Those trades suck. Also had long gamma in GLD, but bought stock too early, then reloaded with some more puts and....again bought stock too early. Against all that, I was short gamma in IWM and SPY, so have sold both calls and stock in there on the way down. Those trades were good.

When I have this sort of positioning, I always wonder whether it makes more sense to just wait until 3pm, I mean it felt like a trend day at 9:00 this morning. Truth is, you could argue it either way.

Oh, and the VIX. disregard what we said this morning, lol, they (relatively) love SPX options again. By and large that's the quick reaction to every bout of ugliness : Buy SPX puts, sell SPY's and SPX, worry about refining it next. We've had two very ugly Friday's in a row, and we have the jobs number to deal with as well, so pretty clear that's in the back of everyone's minds.