Click here to access Option Block 398: Getting Burned By Deltas

Trading Block: A selloff of the market today. Facebook options turning bearish on 2015 after 195% rally. Crude oil falls below $50 a barrel for the first time in 5 1/2 years. OCC announces cleared contract volume up 4% in 2014 and a record year for cleared futures volume.

Odd Block: Calls trade in iShares MSCI Italy Index (EWI), opening call buyers in Lifelock Inc. (LOCK), and puts roll in Lumber Liquidators Holdings (LL)

Strategy Block: Mike Tosaw discusses his current strategies with the S&P 500 and SPY.

Around the Block: What can we expect for 2015?