Market Direction
I just want to make sure a comment I made last night is not taken out of context. I mentioned that all the Implied volatilites seem to be getting fatter as the strike prices went down on both CALLs and PUTs and that told me the market was more concerned about a drop in the market than a move to the upside.

Please do not read too much into that. I am not saying the market is going down and in fact many times the market "sentiment" is flat wrong. One of the old trading axioms is that "a bull market will climb a wall of worry". Sentiment is just that, sentiment. It gives you one data point and it is up to you to look to other things to decide what it all means.

I just did not want people thinking I said "sell".

Paul Madison