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Editor's Note:

(January 18, 2015)

The first couple of weeks of 2015 have been kind of rough for stock market bulls. Volatility has spiked. Unexpected events like the terrorist attack in Paris and the Swiss National Bank removing their currency peg have been huge surprises for the market and could be taking a toll on investor sentiment.

Rising worries about a global economic slowdown hounded U.S. stocks this past week. I am not suggesting new trades tonight. The market might need a correction to find a new equilibrium before moving higher.

This week we face two events that could definitely be market movers. The European Central Bank has a meeting on January 22nd. ECB President Mario Draghi has been teasing the market about launching a QE program for months and constantly let us down. Expectations are pretty high that the ECB will announce some form of QE at the upcoming meeting. If they do not the market could sell-off sharply. If they do announce QE but the size of the program is not big enough or the form that the QE will take doesn't make the market happy then stocks could sell off.

If that wasn't enough the markets could be jolted by the upcoming Greek elections on January 25th. Should the radical left party win then it could mean a toxic exit for Greece from the Eurozone.

With so many unknowns (potential land mines) directly ahead of us I would be hesitant to launch new long-term LEAPS positions.