Futures soaring as earnings season begins… Monday saw a new a new high in the VIX, briefly, before closing lower. Have we seen the peak in volatility, or is more to come? I’m expecting more, with SPX below 1900; but now I’m more cautious. I will be still selling call spreads at higher levels, and watching my lower ones in case rolls are necessary. Some of the biggest rallies occur during corrections. Something like 22 of the 25 biggest UP days in the Dow have occurred during downtrends, when the Dow was under the 200 dma (including just this past August 26th, which was the third highest increase in history). It’s important to keep this in mind on these big rally days during a correction.