$SPX

The S&P has been up five days in a row, and the probability of a pull back is increasing. When we get this pull back I think that it will be a buying opportunity, a lot of people want to get their money working (especially at a lower price) and I think the pull back will be over just as fast as it started.

IV is not doing much, but the $VIX is well below $20 currently at $18.13. With earning season right around the corner, we could see an increase in IV levels and a long straddle on your stock of choice could turn out to be a great trade.

Currently I have an iron butterfly trade on the $SPX, and I received a $32.00 credit. My short strike is 1135 with 45 point wings. I feel like everyone else (which might be a bad thing) with predicting a sideways market and a low volatility market for 2010. Things could change, but at this time a sideways market makes since to me.