Volatility Views 703: Wizards, Mullets, and Sexy Spies

NVIDIA options volume challenged SPY, the VIX futures curve briefly inverted, and the panel is already looking ahead to what volatility markets are pricing for next year. On Volatility Views 703: Wizards, Mullets, and Sexy Spies, Mark Longo is joined by Rich Excell of the University of Illinois Derivatives and Trading Academy and Matt and Mike Thompson of Thompson Capital. They break down the surge in NVDA options activity, what traders were pricing in ahead of NVIDIA earnings, and what a flatter VIX futures curve says about demand for near-term protection. The panel also digs into VIX options open interest, including the November 30 and 60 calls, and discusses whether widening credit spreads could bring more demand for tail-risk hedges. Plus, the crew checks in on SVIX, UVIX and VXX, explores why both long and short volatility products have struggled this year, and makes its VIX picks in the Crystal Ball.

What happens when the AI trade unravels and volatility punches back? Mark Longo welcomes volatility expert Bill Luby and Mark Sebastian of Option Pit to break down a tumultuous week for tech stocks, VIX futures and volatility trading. The panel examines the AI sell-off, post-election uncertainty surrounding data centers, and the unusual market signals that caught traders' attention before the rout. Was this panic selling—or a major position unwind with more room to run? On this episode: • VIX and VVIX surge as the tech trade comes under pressure. • VIX futures swing rapidly from contango into backwardation. • Mark Sebastian explains why unusual market behavior gets him thinking about buying gamma. • ETF options gain ground as leveraged and single-stock ETFs expand traders' choices. • VIX puts take center stage, including November 18 puts and downside spread activity. • The panel discusses SVIX reentry, compounding decay and the risks of buying the dip in inverse volatility products. • Why selling naked VIX calls earns an unexpected comparison to fighting Butterbean. • The crew makes its next round of VIX forecasts in the Crystal Ball. Plus, illness sweeps through the lineup, Bill reflects on his VIX and More archives, and the panel brings some much-needed humor to a bruising week.

Tech stocks are getting wrecked, crypto fears are spreading and VIX is surging as Volatility Views unfolds. Mark Longo and Russell Rhoads break down a turbulent session driven by disappointing tech earnings, concerns about AI spending and uncertainty heading into the midterm elections. The duo examines the VIX futures term structure, heavy VIX options activity and the volatility ETF and ETN action in SVIX, UVXY, UVIX and VXX. Russell's Weekly Rundown features speculative three-cent calls, election-week volatility bets and a timely call purchase that raises the question: when should traders take profits? Plus: a farewell to Trade Alert, Dr. VIX prepares for his Australian walkabout and ChatGPT joins the hosts in predicting next week's VIX level. Can the robot overlords outforecast the humans?

VIX is back above 20, stocks are under pressure, and volatility traders have plenty to unpack as Mark Longo and Russell Rhoads celebrate 700 episodes of Volatility Views! On this episode, we break down the market fallout from Meta and Tesla earnings, mounting concerns over AI spending, and what a flatter VIX futures curve reveals about demand for protection. Is volatility establishing a higher floor, or are traders still eager to sell every spike? We also explore: • VIX, VVIX and VOLI—and what skew reveals beneath the surface. • Unusual VIX options activity, weekly trades and a sizable ratio spread roll into December. • October VIX settlement and the challenges of monetizing volatility hedges. • SVIX, UVIX, UVXY and VXX performance, options activity and liquidity. • Russell's approach to weekend volatility exposure. • Our next round of Crystal Ball VIX forecasts. Plus, Mark recaps ALTSO's Rocktoberfest charity event, and we reflect on 700 episodes of navigating the volatility markets.

VIX surges while we're recording, turning an already unsettled market into a wild ride for volatility traders. On this episode, Mark Longo and Russell Rhoads welcome Dr. Larissa Adamiec, Clinical Associate Professor at Purdue University, to unpack the sudden jump in market fear, shifting VIX futures prices and a rush of options activity. Are inflation concerns, rising Treasury yields and worries about AI valuations rattling investors? The panel explores the potential catalysts and what the relationship between VIX and its futures may reveal about market anxiety. Plus, Russell breaks down notable VIX options trades, including deep in-the-money put spreads and the debate over risk, margin and capital efficiency. We also track the action in SVIX, UVIX, UVXY and VXX, discuss broker restrictions on volatility products and revisit our weekly Crystal Ball predictions after a move nobody saw coming.

Volatility spikes are giving traders little time to cash in—but that hasn't stopped someone from scooping up five-cent VIX lottery tickets. Mark Longo, Russell Rhoads and Scott Nations break down a whipsaw week for stocks, the brief return of demand for downside protection and the challenges of capturing gains when VIX rallies quickly fade. On this episode of Volatility Views, the panel debates whether perpetual VIX futures could bring traders closer to tradable spot VIX—or disrupt the existing volatility market. They also examine unusual VIX options activity, including November 110 calls, deep-in-the-money put spreads and a call ratio spread positioned for a modest volatility rebound. Plus, Mark explains why he closed out his SVIX position, Scott discusses the new edition of Options Math for Traders, and the panel delivers its latest VIX and VOLI forecasts. Topics include VIX futures and term structure, volatility skew, election risk, weak market breadth, SVIX, UVXY, VXX and managing bullish volatility trades.

Weak jobs data sends stocks higher, VIX futures remain stubbornly elevated above spot, and volatility products deliver some puzzling results. Mark Longo, Dr. Russell Rhoads and Jim Carroll examine the conflicting signals driving the equity and volatility markets. The panel breaks down VIX futures term structure, persistent contango and the risks surrounding a narrow, tech-led rally. They also debate the prospect of perpetual VIX futures and how funding rates and arbitrage could affect existing futures, options and volatility trading strategies. Plus, Russell's Weekly Rundown explores unusual VIX options activity, including far out-of-the-money calls and deep in-the-money put spreads. The crew examines a sizable October-to-November call spread roll, compares the volatility ETP landscape across VXX, UVXY, UVIX, SVIX, SVXY and SVOL, and discusses a brokerage restriction that interrupts Russell's weekend volatility trade. Then it's time for another fiercely contested round of VIX forecasts in the Crystal Ball.

VIX kept drifting lower even as the market swung through another eventful week. Mark Longo is joined by Russell Rhoads, Mark Sebastian and Brian Overby to examine the gap between current volatility and the risk priced into VIX futures. The panel digs into heavy VIX call activity, unusual weekly options trades, the potential effect of midterm election options on VIX, and ways to structure a volatility trade when upside calls are expensive. They also revisit SVIX and UVIX, debate whether Treasury yields could become a bigger source of market stress, and make their VIX predictions for next week. Plus, Russell gives the editor a little extra censoring work.

The Fed delivered another volatile week, but the market's rapid rebound left VIX back in the mid-teens and raised fresh questions about whether traders are becoming too complacent. Host Mark Longo and Russell Rhoads examine the market's reaction to the Fed, the widening gap between VIX cash and October VIX futures, growing concerns in the Treasury market, and the potential catalysts that could finally awaken volatility. They also break down the busiest VIX options trades of the week, including heavy upside call activity, renewed interest in VIX puts, an unusual multi-expiration spread, and the possibility of daily VIX expirations. Plus, Russell's weekend UVIX strategy finally returns to the winner's circle, volatility traders target upside in VXX, and the hosts make their latest VIX predictions in the Crystal Ball.

Volatility wakes up from its late-summer slumber on this episode of Volatility Views as Mark Longo and Russell Rhoads break down a surprisingly active stretch across the volatility markets. VIX briefly pushed above 18 before retreating, VIX options volume came roaring back, traders targeted everything from near-term puts to triple-digit VIX calls, and the volatility futures curve offered some interesting clues about what the market expects next. Plus, Russell breaks down some fascinating VIX weekly trades, including one that landed almost perfectly at settlement, we examine the latest action in SVIX, UVIX, UVXY and VXX, and Mark celebrates a rare two-week Crystal Ball bullseye after nearly nailing the VIX level from the previous episode.