Kudos to MMs

Ditto. Patience.

 

SIFs never gave us a chance to go short with decent edge in the last few days, unless imo you took an aggressive stance. We are now probably very close to "FV" and there is little or no edge as I write this.

 

Zero edge as I write this.

An interesting footnote though: there are two SPX gaps to fill, one at about 872 and the other around 927. I think they both fill before Jan expiration.

Therefore, is long the 900 straddle worth it?

 

I would trade the QQQQ 30 straddle much cheaper.

 

True, but a better comparison is the NDX 1250 straddle. That is also "cheaper" vol wise, but not much.

 

Small edge forming short again. I estimate "FV" at 885ish. Needless to say, the market did nothing yesterday and is waiting for unemployment and revision figures.

 

The reaction of NQ is ominous as of this writring. I would not go long unless NQ leads or at least follows higher.

Edge is tiny either way.

 

"FV" approximately 872.

I have a feeling even that doesn't hold in the next week or so.

 

SPX "FV" head first to 850. Market may bounce at 872, though, so beware.

 

Which month? A quickie Jan expiration straddle or the Feb straddle?

I'm tempted to do the Jan straddle. It should be an interesting week on Wall St.