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Trading Block: Markets reverse most of today?s slide late in the session. Lots of index volatility, but not many buyers. VIX coming off later in the session. Big Apple earnings after the bell, and right in Tosaw?s crosshairs. The International Securities Exchange (ISE) has not appealed a federal court decision that rejected ISE’s attempt in the New York courts to challenge S&P Dow Jones Indices? (SPDJI) rights to control the use of the S&P 500 and the Dow Jones Industrial Average as the basis of index options.

Odd Block: Puts trade in iShares MSCI Emerging Markets ETF (EEM), calls trade in Time Warner Inc. (TWX), and calls trade in Mechel OAO (MTL)

Xpress Block: Nat Gas and the 10-year very busy on the desk. Apple, MasterCard, Caterpillar, F5 Networks and VIX also very active.

Strategy Block: It?s fruit day! Tosaw also discusses his current position in the Russell.

Around the Block: Apple update, Fed meeting, and President Obama?s State of the Union address.