Option Block 346: Say Hello to Exposure Fees Trading Block: A sea of red on the broad street today. VIX: more fear than fear itself? A big day for energies. Lululemon missed their earnings mark. Odd Block: An update of recent activity in Dollar General (DG), newsletter put seller trade in Galena BioPharma Inc (GALE), risk reversals/collar in Jet Blue Airways Corp (JBLU), and size put buyers trade in the iShares Dow Jones Transport (IYT) Xpress Block: A lot of activity in portfolio margining. More news on the upcoming futures for IdeaHub. Strategy Block: An update on the ratio-hedged risk reversal on Apple. Finding ways to finance the hedge. Mail Block: Listener questions and comments. Question from Ivan - I have heard some people say I should not sell naked short puts because of “gap risk”. I always respond that it is the same thing as working a limit order in the stock. Who is right - me or these worry warts? Around the Block: Thursday: Import price index and business inventories are estimated to climb. The World Cup begins and the rest of the world will be on vacation for the next month.