As the market sold off today, there was a brief period where the VIX's outcome was in doubt…that quickly past and it now appears that VIX is going into Holiday mode already.

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

Without the negative sovereign debt news coming from Europe, equities would be responding positively to the normal seasonal strength that typically begins in November and runs through January. Now however, it looks as if there could be another test of the lows.

We are seeing some very interesting and contradicting signals from the equity markets.

As many of you know the VIX options are quite a unique beast.

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

Despite the headwinds coming from Europe, we think the chances are quite good the current strength will continue through year-end.

In the least shocking sell off in the history of mankind (we called it here), the equity markets once again proved why they are NOT forward looking, they are reactionary.

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

Since it appears, any comprehensive solution to the Greece debt crisis is still a long way away, this week we will turn our attention to some ideas for the upcoming earnings reports.

When the European banks accepted a "voluntary" 50% haircut on their Greek sovereign debt it cleared, away one of the main sticking points to the European rescue plan setting off euro strength and a dollar decline as "risk-on" resumed.

Since the Europeans delivered what appears to be the first realistic steps in alleviating the sovereign debt crisis the equity markets are considering it quite a Halloween treat.