Contrary to expectations, volatility is still there and may continue to frustrate bulls and bears. The ceiling of 3% on the US 10 year T bonds has been broken and fears of a bad quarter for Apple sent the stock market into a tail spin. We expect again to monitor extreme fear in the market but for the last 3 days we haven’t observed in the option market a large propensity among traders to buy puts to hedge their positions or to play aggressively the market on the downside.