With Mark back in the big chair, the Option Block gang takes on news from S&P, treasuries, earnings, Citi, and listener questions

Uncle Mike is back at the helm as he, Mark Sebastian, and John Grigus talk SLV, GLD, forex, earnings season, and trading halts.

Uncle Mike Tosaw is in the host chair for this episode while Mark is away on special assignment. In this episode, Mike, Mark Sebastian, and Tim Navabi walk through the wonderful, if not sometimes perplexing world of options.

The Option Block Gang is joined by Jeff Augen, well-known options author and self-proclaimed "most pessimistic man you will ever meet."

Trading Block: Snooze fest ahead of Bernanke interview. Mixed day on oil. Copper testing support. Weight bearing down on silver bulls.Odd Block: VVUS – does 26k contracts on ADV of 4k on the news that one of their drugs can reduce both blood pressure and cholesterol. XNPT: Front month vol is 360%. Does 11k contracts on ADV of 2k. IRM – ADV of 6k, does 14,500 on bullish activity, especially July 35-40 call spread and a sizable call to put ratio. AKS: Upside coming from renewed takeover chatter, bulls stampede in with upside calls.Xpress Block: A lot of Southwest (LUV) activity on the bullish side. Nasdaq stocks on a slow grind. Are people afraid to short the market? Traders riding the oil wave.Strategy Block: The top five questions to ask to know if your financial adviser understands options or not. Around the Block: Ben Bernanke interview tonight. Fed minutes coming up. Jobless claims. Keep an eye on time spreads.

Trading Block: Mild day on the street; INTC gets downgraded and negativity goes viral; crude creeping up; Tim is eyeing the grains; Sebastian creates a new skew index.Odd Block: Tesla – up 20% on a big upgrade, plus they're suing Top Gear; trades over 40k on ADV of 3500. Neighbors Industries – hit a new 52-week high on an upgrade. Bulls dive in to May 28 puts. Illinois Tool Works – Speculative upside on the news that they "Meet the criteria for a Warren Buffet acquisition."Xpress Block: OX most actives: SPY, APPL, SPX, SLV, RUT, QQQQ, AMZN, IWM, NFLX, and VIX. Commodities: grains on the move because inventories are lower than expected.Around the Block: Mega data: non-farm payrolls, watching crude; wheat fields not yielding; what does it take to derail the bulls? Flat skew…premium sellers have their moment.

Trading Block: Mixed trading day until finally closing down. AT&T-Mobile boosts telecom sector. Consumer, personal spending and existing home sales all up. Energies pull back, commodities quiet.Odd Block: Hartford Financial Services group (HIG) April calls trade heavily with a 35:1 call/put ratio. Limelight Networks (LLNW) trades at 6x ADV on Facebook streaming rumors, boasts a 49:1 call/put ratio. Energy Select SPDR (XLE): Bearish activity causes 11:1 put/call ratio. Eastman-Kodak (EK) patent lawsuits look more favorable to EK, pushing up trading in the April 4 calls.Xpress Block: Liquidation of long call positions in April and May SLV, GLD. Repositioning for mre upside. Futures traders and shorter term swing traders more active than usual. Trading VIX futures….or not.Strategy Block: Looking at the pros and cons of 4 portfolio/stock hedging methods:1) Put spreads as a hedge, 2) Buying put options, 3) Futures, and 4) VIX.Around the Block: Economic data coming up: consumer confidence, crude inventories, non-farm payrolls. Crude hoarding? Contango! Looking at the 50 DMA on S&P 500 and AAPL. Will they hold?