TRADING WEEK APR8-12

The market was drifting along last week until mid-day Thursday when it crashed due to interest rate worries. As you can see the VIX futures finished in backwardation on Thursday. The unemployment numbers brought the market back to life on Friday and contango returned for the VIX futures. The intraday trading ranges for SPY were 3.41, 2.50, 3.28, 11.11 6.43. The hi-lo was 11.62. The SPY at the money time spread was a winner, especially if you got out Thursday before the descent in the market. Having a positive gamma position would have been much more profitable, however. The SPY 12Apr24 518 straddle was priced at 8.05. It's worth buying with the CPI coming out on the 10th at 8:30am ET, followed twenty-four hours by the PPI. Earnings month kicks off with DAL releasing before the opening on the 10th. JPM and WFC release before the opening on the 12th, with GS and SCHW releasing before the opening on the 15th.