Futures this morning are flat with some big economic news coming out this morning. Today we have jobless claims, PPI and our normal gas and petroleum reports.
The VIX is continuing its selloff, which is a good thing for premium sellers. I believe volatility will be more stable then the past two weeks, but I think we will stay above 20 on the VIX. The only thing that seems a bit over done is a market that goes straight up from the Feb lows. The SPX is up 5.5% the RUT is up 7.75% and the NDX is up 6%. I think we need a breather with some sideways actions, at least on the RUT, which is the only index above its 50 day moving average.
It’s almost condor season again for April, as for income trades I will be setting credit spreads next week for March. I gave up on my iron butterfly for March I never get the parameters I was looking for.
Good trading everyone!
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