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During the day on Thursday, we get the ECB interest rate announcement, but more than likely there will be any type of change. The real question of be what is set out the press conference, as it could give ideas as to what the central bank is going to do with other forms of quantitative easing.

1 – That being said, we look at the stock markets around the world and recognize that they all look back at the moment. This is especially true in the European Union, and if they do not get renewed quantitative easing, it is possible that the put buyers will come out in full force. Even if they get quantitative easing, rallies will more than likely attract put buyers as well. We see weakness all across the continent right now.

2 – Looking at the currency markets, it still appears that the US dollar is favored against most currencies, and that it should continue going forward. Quite frankly, there isn't enough out there to move the markets had a positive way, so having said that it's very likely that the US dollar will continue to be favored by options traders.

3 – We believe that energy will continue to sell off, and as a result we are very bearish when it comes to the petroleum markets in general. On top of that, we recognize that with a slowdown in economic growth, it's very likely that demand will only fall from here. Puts will continue to be the way to play energy markets.