Fear or Embrace the Rally?

Market Risk Factors--

-bank earnings excellent, will tech and retail fair as well? (supply chain)

-oil and energy pricing at extremes

-bonds/rates continue to be threatening factor

-FED tapering is coming

-dollar backs off nominally

-massive volatility crush but only in the near term!

-SKEW coming back

Trading --

-buy volatility when you can!

-long is not wrong but use spreads

-volatility crush will not kill options premium selling as skew comes back into play

SPX Expected Move

--last week-- 80.10  (expected move)

--next week-- 61.46