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Greece is alive! Markets are relieved, the VIX is dropping, all is well in the world! ...Right or?

|Includes: iPath S&P 500 VIX Short-Term Futures ETN (VXX)

Wrong. I just went to one of my favorite news sites, drudgereport.com and the first headline that seemed striking to me was that North Korea just shut down its universities and ordered all of the students to work. A lot of manual labor and construction projects according to the article, probably a distance from whatever the young students had hoped for in life just a few months ago. There is speculation that this could of been caused by a recent increase in demonstrations... Does this sound familiar? Almost like Libya except North Korea isn't a major oil player so its not so much a defcon 1 situation for the financial markets.  Imagine what that is like for those students. Who knows what will happen but if this does spark any violent reactions from the masses I can't imagine some other part of the world not getting involved. Obviously the last thing we need is some sort of nuclear war with North Korea, but it never comes to that does it... the more likely scenario is a rise in the VIX and a lot of speculation.

But the bigger picture continues to be 9% unemployment in the United States, a housing market which is weak at best and low consumer confidence, lingering time bombs of international turmoil in Libya, North Korea, potential Chinese economic pullback or something more popping up with the Euro... among many other things...

My trading thought is this, I don't know if such a relatively low level in the VIX can be justified. Any time it  has drifted down over the past 6 months or so it would of been a good time to buy and just wait for some crap somewhere to blow up. Now is no exception, until the U.S. and world economy is out of the woods I think you can continue to buy dips in volatility ( such as the passing of the Greece plan today).