Option Block 388: Japanese Volatility

Trading Block: U.S. stocks open lower as Japanese recession weighs. American markets poised for a pullback after four straight weeks of gains. Japan shocks as economy slips into recession. Cracks widen at OPEC as oil prices tumble.

Odd Block: Size combo in Standard and Poor’s 500 Index (SPX), puts trade in iShares MSCI Japan (EWJ), call traders in Buckeye Partners, LP (BPL)

Xpress Block: Today was stock pickers day. OX named one of the top 100 places to work by the Chicago Tribune.

Strategy Block: Uncle Mike talks about the importance of doing stuff, BUT also the importance of not doing stuff

Around the Block: Keeping an eye on the unease in Japan, especially with regard to forex, the Yen and the Euro in particular, and debt instruments. VIX indicates a lot of concern in the market. Will OPEC hold the 70-level? Premium sellers aren’t there right now.