Morning Commentary Thursday Feb 4,2010

Could it be the market will put back today and help those of us with short deltas as I suspect many of you are? Futures looking this way so far this morning. The VIX hovering just above 20 could see a pop today and tommorow as news comes out both days. Tommorow is the big employment situtation report.  I think it is best to close out trades that are profitable by 10% or more before tommorow’s report or at least take some of the profit off the table by taking off half of the position. It is a painful feeling to be up 10% and then having a gap opening take away much of that profit. Next week will be the week before  expiration and many of our income trades should see the theta burn really kick in.