While some individuals venture into the options mart to express a directional bias they possess on a particular security, they usually pickup some exposure to volatility along the way. Like white on rice, fluctuations in volatility are an integral part of option pricing. It just comes with the territory. Option players, whether they like it or not, are also expressing a bias on volatility.

February VIX options and futures expired this morning with the settlement value coming in at 16.49. While I normally post my volatility thoughts a week or so before expiration, I avoided doing so this go around primarily because I didn't see anything interesting. If I fail to discern an edge in any environment I don't mind being the first to park myself on the sidelines.