Here are some of the important market and economic events for June 4 that I will be watching today, and basing trades on them. Bond, currency and volatility markets are all in interesting situations and are a good place for traders of all levels to look for opportunity.

--Jobless claims and 10-year and 30-year Treasury announcements could keep volatility up in /ZB and TLT options.  Look for short option trades in these products.

--Watch to see if /VX futures basis widens out and pressures VXX and UVXY.

--FXE looked like it experienced some short covering on Tuesday, so this rally could run out of steam around $111 to $112.  High IV rank setting up short premium strategies.

Let's watch the market today and see how it plays out!