Option Block 395: Janet Yellen vs. Farrah Fawcett

Trading Block: A very aggressive day on the street. The market is off to the races - up nearly 2% in the session today. Brent triggers a circuit breaker - to the upside? U.S. stocks lead global equities rally on Fed rate policy.

Odd Block: Upside calls trade in ProShares Ultra DJ-UBS Crude Oil (UCO), puts trade in Mylan Inc (MYL), calls trade in Quicksilver Inc. (ZQK), and puts trade in Noble Corp. (NE)

Xpress Block: A review of some of the milestones at OX this year. Also, this is the time to start thinking about taxes.

Mail Block: Listener questions and comments

• Question from Evatar - I would like to know if a surprise rate increase by the Fed in the near term would make rho a more useful or necessary greek going forward?
• Question from Jack - Hi guys. I had 17 BLMN Jan 2015 $20 call contracts. BLMN was (as of 12/17/2014 during the final trading hour) trading in a range between $23.44 and $23.54. The spread on the calls was $3.00-$3.60. It had been $3.00-$3.80, but my order to sell at $3.60 moved the ask, but then sat there doing nothing for almost a half hour. This is my question. Even with BLMN in the $23.52-$23.54 area, I could not sell out of these calls at $3.60, with over a month left to expiration. That is unusual in my experience. Is it just that options on this stock have a crazy low volume? Note: at about 15:50, BLMN jumped to $23.64 and my sell order filled before I could cancel and re-enter it at a higher price. I am still surprised that there was no apparent real, sellable time value left in these calls.
• Tweet from @MarkBrant1KM - Committed to absorbing the entire archive on the app, learning a lot! Thx!
• Question from Ricky - I would like to know about trading on index with option.

Around the Block: Will the market finally slow down and the VIX back off? Or, will there be a lot of activity in volatility? The all-stars discuss.