TRADING WEEK JUL8-12

Last week started out as a typically slow holiday week with four trading days .Tuesday and Friday had some decent upward moves, however. The intraday trading ranges for SPY were 3.36, 5.36, 3.18 and 3.93. The hi-lo for the week was 12.53. Even though SPY was up 1.9% the VIX was still up slightly. On the two biggest up days the VIX futures barely budged. The skew isn't what it used to be. Earnings season kicks off the following week but there is a bit of a preview with DAL and PEP reporting before the opening on the 11th. JPM, C and WFC report before the opening on the 12th, with GS reporting before the opening on the 15th. Last week's time value spread was a slight loser. The SPY 19Jul24 555 straddle at 8.10 is worth a shot with the CPI coming out at 8:30am ET on the 11th and the PPI coming out twenty-four hours later.