Option Block 225: Spreads with Benefits

Trading Block: The market is apparently shrugging off the Sequester with a mild rally as of mid-day. Implied and realized volatility cross, which is a very rare occurrence. Google feeling the love and broke the 800 level, while Apple feeling the heat falling well south of $450. Groupon is showing some signs of life bouncing dramatically off lows around $4.25.

Odd Block: Risk reversals trade in Bridgepoint Education Inc. (BPI), call buyers in Zhongpin Inc. (HOGS), calls trade in Tronox ltd. (TROX), and more calls trade in Mitek Systems Inc (MITK).

Xpress Block: Alex Jacobson discusses more ideas from the Idea Hub, new OX products, and new OX order types.

Strategy Block: Mike Tosaw discusses the "credit spread with benefits."

Around the Block: Seems like more bears are coming out of the woodwork making dire predictions for the market going forward. Sequester, sequester, sequester! What else on the horizon could generate some vol?