Morning Commentary Monday March 15th

Expiration week is upon us and it looks like we start on the downside if the futures hold. The FOMC will also have an announcement this week and also the CPI at the end of the week. Looks like plenty for the market to chew on. The market also as we know is “due” for a pullback.

The VIX at 17 and just over 30 days left till April expiration to me look like a decent set up for a slightly bearish calendar perhaps this week. Increased volatility should help your calendar. Of course having some negative vega strategies on like a butterfly is fine too. You must remember our trades are effected by both volatility and price movement . So even if one of these moves against you the other may help your position. Please look to protect your positions on the downside as a spike in volatility could be rapid.