All hinges on the Fed… many traders are sticking to short term as know one knows how that market will react to tomorrow’s announcement on rates. We have just been through a 5.2% decline (from 12/2 high to yesterday’s low)… is that the extent of the “correction” the $VIX has been signaling? A rally this week into monthly expiration seems feasible, but then what? I am avoiding new index trades until we see how things shake out, and looking for shorter term or ETF opportunities.