Trading Block: VIX apocalypse post-Fed. It looks like we were not pessimistic enough on Vol Views last week! How will next weeks first Presidential debate effect vol? Wall Street extends rally after Fed rate decision. Fed is perilously close to losing its credibility, says economist.

Odd Block: Calls trade in ETSY Inc (ETSY), from Monday, calls trade in Bank of America Corp (BAC), calls trade in Encana Corp (ECA), and calls trade in Pandora Media Inc (P).

Strategy Block: Mike Tosaw discusses call spreads vs. put spreads.

Mail Block/Options #Questionoftheweek:

1. Where will $VIX close after FOMC decision on Wednesday 9/21?
2. Between 15.51 - 16.50
3. Between 14.50 - 15.50
4. Below 14.50
5. Above 16.50

• Question from Sean O - Are there any options that had lopsided trading to one side - either puts or calls - leading into the Fed announcement?

Around the Block/This Week in the Market:

• Sep 22: Jobless Claims, Existing Home Sales