Blogging Options: CBOE Morning Update

Good morning from Chicago. As a Chicago bears fan, should we be mad at the Packers performance yesterday or thank them for knocking the Bears out of the playoffs?

Stocks this morning are ignoring the mad dash for the exits the futures tried to do Friday afternoon. Volume is light. There is optimism that “something” will be done to avert the cliff, but is any deal better than no deal? Pimco’s Mohamed El-Erian was not optimistic this morning about the economy without long-term good legislation out of Washington.

Facebook was upgraded, Duff & Phelps is being acquired by a private group at $15.55.

The VIX is off almost 7% to 21.14, down 1.58 this morning.

Quarterly options expire today. A “Milk” compromise is in the works to avert a jump to $7 per gallon, good news out of Washington.

Full trading day today, but most participants will be watching the news out of Washington.