Between Greece and Payrolls and a long holiday weekend it’s not a surprise to see volatility elevated today. 

Note that we are hallway back at the highs of Monday and well above the 3m range.  Payrolls were calm, thus Greece headlines leave plenty of room for investors to own vol into next week.

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We have to take this opportunity to point out the price action in Gold is terrible.  If gold cant rally into a weekend where there is plenty of perceived systemic risk and you had a weaker set of payroll and jobs numbers than expected, when can it rally?  Remember, weaker payrolls along should have had an impact on the yellow metal as many felt this was weak enough of a number that it might push the Fed back from September.  We don’t think is the scenario but you get the picture. 

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