I feel terrible that the Eagles have played great ball for like a decade now and never won the Big One, while the Giants get hot for one month and take home Super Bowl trophy number 3.

Did I mention they also beat a team going for a 19-0 record?

But whatever, not here to rub in the past. What are Giants cheerleaders doing for the environment?

What’s that you say, they don’t actually employ cheerleaders.

Well, whatever, the Eagles do, and they are using all their powers of …..um…..no comment, to help save the environment. This, via With Leather.

The Eagles Cheerleaders annual calendar has been widely known for its cutting-edge concepts and style [like that one year, when they... uh... wore bikinis -Ed.], and this year it’s Going Green. The 38 bio-licious women on the squad will be wearing bikinis made of 95% organic cotton and recycled plastic soda bottles as well as jewelry and accessories made from bamboo and other recycled, upcycled and repurposed products such as CDs, computer chips, glass, cable wire, candy wrappers and watch parts.

So any interest in an awkward segue into calendar spreads, the options kind?

Still like them, still think it is the right position in general now. I would note though I have an unoriginal thought with this, at least as far as the market is concerned. Time is skewed up for the most part, meaning the further out you go, the higher the volatility you pay.

So Mr. Market basically assumes that the current blahs will continue into summer, but better times (at least as far as volatility goes) await in the Fall. That poses two risks of course. One is that we heat up sooner. No one seems to expect that through June expiry at least.

The other risk is that this declining volatility regime stays with us for longer than we expect.

Summer fireworks seem more likely to me to bust this trade then permanently lower volatility (if the trade does in fact turn out poorly). But only time will tell.