The financial markets do not seem to have as much interest in the Sunday Greek election as the financial media.

There were more musings out of Europe of a TARP like bank recap for troubled banks along Mediterranean.

Trade selection using volatility as the primary criteria. Different trades for different volatility opportunities.

The never-ending search for clues about market direction continues despite the turmoil in Europe that will ultimately determine the outcome. In the short-term the stage is set for the bounce that began last Wednesday to continue after the Euro zone finance ministers agreed on Saturday, to lend Spain up to €100 billion, from an undetermined source, to recapitalize its banks.

Go away on vacation and look what happens. The Treasuries make an all time high (or low yield) because the USA missed the jobs number.

Trade selection using volatility as the primary criteria. Different trades for different volatility opportunities.

From both fundamental and technical perspectives, last week's events were loaded with both doubt and anxiety causing the equity market to swoon while US Treasury interest rates declined to all time lows on safe haven flight capital flows.

Yesterday was the day option traders finally got a chance to jump into the ?largest IPO in history' with eight exchanges listing Facebook contracts (BATS held off for a day), and a very impressive start to trading despite a continued selloff in underlying shares.

The tough love at the big Euro Summit did not really produce the news that stocks were looking for this morning.

Many of you might recall that, in the face of many angry AAPL lovers, we here at Option Pit were pointing out how screwy the volatility of AAPL options were.

Trade selection using volatility as the primary criteria. Different trades for different volatility opportunities.

By now, it should be clear to anyone paying attention that the equity markets are declining in response to deteriorating fundamental conditions in Europe. Money flows out of various risk asset classes into dollars and liquid dollar denominated Treasury securities are affecting global economic growth expectations as reflected by declining commodity and equity prices.