Volatility is down and the market grinds up. Short Delta and Vega positions are underwater. More pressure to the upside demands more uncomfortable adjustments, including taking losses. Small positions prevail. In the meantime, professionals watch and wait for worry. Today, a Federal Reserve Bank announcement on interest rate will cause some volatility and day trading opportunities for the hot shot traders and machines. I’m Theta, Delta, and Vega long– in effect, a calendar type portfolio. Hedged, Refreshed and Ready.