Option Block 158: Mini Widowmaker

Option Block 158:  Mini Widowmaker Trading Block: VIX provided most of the movement in the market. Spain concerns weigh on the market again. Analyst says JP Morgan could make an upside surprise as they disclose more about the $2 billion "hedge."  Apple's WWDC doesn't budge the stock - announces new MacBooks, iOS 6, better voice, no new iPhone, and switching away from Google maps - a potential big hit for Google. Commodity/vol rundown.   Odd Block: Interesting and unusual activity in Green Mountain Coffee Roasters, Inc. (GMCR), Pitney Bowes, Inc. (PBI), and Focus Media Holding, Ltd. (FMCN).  Xpress Block: Tim Navabi is back in the OX hot seat and goes over what was active over at optionsXpress. Apple, SPY, and more, a grain report coming out tomorrow. Helping a few customers with spreads.  Mail Block: Taking on Listener QuestionsWhat role does option volume play in your overall trading? For examples: I'm thinking about selling 50-100 puts in a name that only trades about 400 contracts a day. Should I be concerned about unwinding that position when the time comes? Thanks and please make more 80's references during the show. (Via email from Sean Robinson) What do you guys think about selling the Facebook Jul 23P for $0.70? Yeah or nay? (Via Twitter from SPY16) Around the Block:  June 13: PPI & Retail Sales June 14: CPI & Jobless Claims June 15: Industrial Production, Consumer Sentiment & Triple Witching Expiration