Option Block 114: No Straddles Without Gamma Scalping Trading Block: SPY and other expirations on ETFs--close out your shorts! More put buyers are rolling into VIX - even the Journal is starting to pick up on it. Given this erratic movement, how risky is hedging the VIX? GLD put options, a relatively inexpensive option if you still need to hedge you're GLD downside. A Reuters article debating and discussing the sideways movements of the market, which gained popularity of the site recently, recommended straddles as a way to play with market. Should it even be allowed to recommend straddles without following it up with the appropriate discussion on gamma scalping? RIMM earnings after the close – at-the-money straddle trading $1.75 with one day to go. Odd Block: Unusual activity in Walgreens Co. (WAG), Credit Suisse Group (CS), and an activity review from November 17Louisiana-Pacific Corp. (LPX). Xpress Block: John Grigus from OX discusses the Van Eck ETFs and Sears (SHLD), which came out with a re-org. The December futures contracts will go off and stop trading at 8:30 CST. Strategy Block: Mike Tosaw talks about diagonal spreads and the diagonal butterfly given the weekly options being the great fascination of the retail world and gives us his two cents. Around the Block: An update on RIMM - that straddle still not paying the bills, trading about a dollar lower. Will VIX continue to decline? Will the market head north from here?