Trading Block: Dow falls 225 points, in the red for the year amid Greece; VIX spikes 24%. Biggest one-day loss since 2011 for European stocks as Greek crisis deepens. FitBit options listed on 6/26: 1st day volume = 4,600 contracts. 2,500 on Friday, 2,500 so far today. Oil falls to three-week low amid risk of Greek exit from Euro.

Odd Block: Calls trade in US Silica Holdings (SLCA), calls trade in Yandex NV (YNDX), and puts trade in NorthStar Realty Finance Corp (NRF).

Strategy Block: Uncle Mike Tosaw discusses his trading, or lack thereof, on this particular day.

Mail Block: Listener questions and comments

• Question from Malki k. - I was surprised to see that FIT options are trading already, listed a little quicker than I thought. I like the stock but not at these levels, so I am looking at some downside strats. One that caught my eye was Aug 30-26 1x2 put spread - looks like I can buy the spread for somewhere around $.60 - $.90 depending on current prices. What is your opinion of that strategy? Not married to that time frame so I could also go longer term to November for $.10 - $.70. Seems like Nov puts are a little bit pricier. Before you say it, I know that this strategy can potentially get me long the stock from $26, but I am more comfortable with that price level than $33.50. And I would have all of the profits from my spread to reduce the effective purchase price of the stock to the low-20s range.
• Question from Andrew J. - FIT Nov 25/40 bullish risk reversal for even money - thoughts?

Around the Block: Earnings! Tuesday - ConAgra Foods Inc. Wednesday - Constellation Brands, Inc., General Mills, Paychex, Inc.