Daily Options Report

Yes, all that work sitting in the small office arranging that file folder has gone for naught.

General Motors Co. will shut down Saturn now that a deal with former race car driver and auto dealer magnate Roger Penske has collapsed, marking the end of a brand that was supposed to revolutionize the way small cars were built and sold in America.

The deal with Penske was supposed to be finalized Wednesday. But the unexpected end came when the Bloomfield Hills, Mich.-based Penske Automotive Group Inc., was unable to find a manufacturer to supply vehicles for the brand's dealerships. GM had agreed to keep building Saturn models like the Aura, Outlook and Vue through at least 2011, but after that, Saturn would have to come up with its own products.

It's actually a shame, way less hassle in buying and servicing from Saturn than anywhere else. Of course the flip side was you had to own a Saturn....but actually that wasn't so bad either. We have an Outlook now, it drives way better than the Toyota Siena Monstrosity it replaced.

Anyway, don't look now, but that "complacent" VIX is making a B-Line towards overbought. It's in the mid 26's now, but if it gets above 27 it will sit 10% above it's 10 Day SMA. If in fact this is just a dip within an ongoing bull move, that's a decent spot to look for a turn.

I had mentioned complacency yesterday, but perhaps I got too ahead of myself. There's disinterest in the VIX options, and reduction in VIX futures premiums. One day+ into a rather modest selloff however and we see the VIX rising at a decent clip though. If complacency was really here, the VIX would have likely not budged as everyone would look at the market dip as an opportunity to sell puts, or buy write.