Trading Block: Last week was the worst start to a trading year in history. An early rally lost steam later in the session. Intra day S&P high - 1935. Does the lack of IPOs signal a looming recession? Fear makes oil options increasingly expensive.

Odd Block: 1-by-2 call spread in The CBOE Volatility Index (VIX), buy to close short in Teva Pharmaceutical (TEVA), and bullish risk reversal in Powershares QQQ Trust (QQQ).

Strategy Block: Tosaw discusses the importance of "drawing a line in the sand" and having a plan.

Mail Block: Listener questions and comments

• Question from Pepe - Who is paper?

Around the Block: This Week in the Market

• Alcoa kicks off another round of quarterly earnings on Monday and there are several economic reports worth nothing particularly on Friday.
• Jan 12: JOLTS
• Jan 13: Beige Book, Treasury Budget
• Jan 14: Jobless Claims
• Jan 15: PPI, Retail Sales and Consumer Sentiment