TRADING WEEK APR 19TH - APR 23RD

Over the past four weeks there has been a 5.9% rise in the SPY with a 21.9% drop in the VIX. The Jun, Jul and Aug VIX futures closed at 27.8, 28.3 and 28.2. Last Friday they close at 21.6, 22.9 and 23.3. Fear has taken a holiday as premium levels continue to take a pounding. The intraday trading ranges for SPY were 1.73, 2.41, 3.09, 2.47 and 2.18. If you think that the market is still trending up then the SPY 7May - 23Apr 420 long call time value spread at 2.30 makes sense. Unless SPY gaps down (which it could easily do at these levels) then any sell off could be dealt with by making bearish adjustments. Leading Economic Indicators and Existing Home Sales come out at 10:00am ET on the 22nd. New Home Sales comes out 24 hours later. IBM and UAL release their earnings after the close on the 19th. NFLX releases after the close the following day. LUV, T and FCX release before the opening on the 22nd. INTC and SNAP release after the close that same day.