Presentation of the 2012 Joseph W. Sullivan Award to CBOE's Edward J. Joyce

Charlie Cook of The Cook Political Report, delivers the first keynote address at the 2012 OIC Conference

Basic Training: Today we're going to dive into complex spreads. What are complex spreads? We're usually talking multi-leg spreads. Calendars are when you buy and sell a call/put at the same strike price, but in a different month. Diagonals, a combination of a vertical and horizontal spread, can be a proxy to a covered call. The concept of the ratio, 1-to-1 on a simple spread, but you can play with the ratio. A stock repair strategy using diagonals, ratio risk reversals and collars.Roll Call: Mark and Dan sit down with Craig Pinkston, Senior Director of Operations at Zecco.Mail Call: Does the Theta decay occur just at open/close or is it a gradual decay throughout the day?

Trading Block: Greek pro-bailout ruling was not exactly the boon the markets expected. Spanish load concerns still weighing on the market. Almost like a post-earnings throughout the market with vol coming in across the board. NAHB housing index of homebuilder sentiment highest in five years, but still below 50. The Supreme Court may rule whether Congress has the power to require people to buy health insurance. According to the bets, there’s a 68 percent probability that the law’s individual mandate will be ruled unconstitutional in 2012. Facebook reversed the trend of past week and finally closed upsize. Microsoft's secret Window 8 tablet – the new iPad killer? Odd Block: Interesting and unusual activity in Harman International Industries (HAR), Molina Healthcare Inc. (MOH), and W.R Grace (GRA).Listener Question: The dying breed of floor traders.Around the Block: With Greece in the rear view window, and Facebook rallying, we're watching S&P and gold. The VIX may be headed to 17 or lower.

Trading Block: News is out that the central banks are trying to make a coordinated effort to help out Greece after the elections. Commodity rundown – open quota unchanged. Fallout for Apple after WWDC. Nokia down 15% on news of slashing 10,000 more jobs – down 50% since April. Is this the beginning of the end for Nokia? Will Microsoft buy them? Is this another Motorola? Odd Block: Interesting and unusual activity in Tenet Healthcare Corp. (THC) and Safeway, Inc. (SWY). Xpress Block: John Grigus is back at sits down in the OX hot seat to discuss a Nasdaq/OMX memo about starting a Facebook member accommodation program. Tomorrow is expiration. Around the Block: Remember, this is expiration week! We'll have to see what happens to Nokia. Greece, Spain, Greece, etc.

In this episode, Mark is joined by Scot Warren, Senior Managing Director of Equity Index Products at CME Group