iShares Barclays Capital Long Term Tr ETF (NYSE: TIP) closed at $102.35. TIP April call option implied volatility is at 10, puts are at 8; below its 6-month average of 13, according to Track Data, suggesting decreasing price risk.

PowerShares DB US Dollar Index Down (NYSE: UDN) is a rules-based index composed solely of short USDX® futures contracts. The USDX® futures contract is designed to replicate the performance of being short the U.S. Dollar against the following currencies: Euro, Japanese Yen, British Pound, Canadian Dollar, Swedish Krona and Swiss Franc. UDN closed at $25.52. UDN May option implied volatility of 20 is below its 26-week average of 25, according to Track Data, suggesting decreasing price movement.

PowerShares DB US Dollar Index Up (NYSE: UUP) is a rules-based index composed solely of long USDX® futures contracts. The USDX® futures contract is designed to replicate the performance of being long the U.S. Dollar against the following currencies: Euro, Japanese Yen, British Pound, Canadian Dollar, Swedish Krona and Swiss Franc. UUP closed at $25.31. UUP May call option implied volatility is at 17, puts are at 21; below its 26-week average of 22, according to Track Data, suggesting decreasing price movement.

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.