On this episode Mark is joined by:
- Mark Sebastian, Option Pit
- Russell Rhoads, Kelley School of Business – Indiana University
- Matt Koren, Eurex Group
They discuss:
- The latest in the volatility markets in the US
- The international volatility market (VSTOXX)
- Interesting trading activity and developments in VSTOXX, VIX, SVIX, UVIX, UVXY and VXX
- Whether 0DTE options are cannibalizing the volume leading into the election
- Modern vs. historical term structure around elections
- Whether SVIX will be stuck in no man’s land until after the election
- Their Crystal Ball predictions for VIX and VSTOXX
- and much more…
Brought to you by Eurex and Public.com
TRANSCRIPT
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And now it’s time to take a deep dive into the world of volatility.
It’s time for Volatility Views.
All right, everybody.
That music means we are back.
Once again, it is Friday.
It is noon central.
It is 1 p.m.
Eastern.
Do you know what’s going on in the world of vol in this final weekend?
Getting into election day, let’s find out together, shall we?
My name, of course, Marc Longo from the options insider.com, as well as from the network.
You know the deal, nearly a dozen shows by now.
So wherever you listen into Volvius, I’m speaking specifically to the Volvius audience.
I know there’s a hardcore Volvius listenership out there.
We love you all.
But if you’re not listening to the rest of the network, you’re missing out on so much stuff.
So wherever you listen to this, just look for the network.
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Click on that.
Then subscribe to that.
And bam, you’re getting everything.
And then, of course, if you want to go above and beyond with an additional podcast feed that gets you to bonus shows, Pro Q&A and oddities coming up after this show there today, then one place to go, the options insider dot com slash pro is the place to go to learn more as we learn who’s joining us on the old program today.
First, let’s go out to the hinterlands of Chicago, where I have it on good authority that he is drunk on candy.
And he came out of his sugar coma just for us here on the show.
He is the once future and present Dr.
V stocks these days crunching a lot of stocks data, aka Mr.
Russell Rhodes, a hold in court down there at the Kelly School of Business when he’s not drunk on candy.
Mr.
Rhodes, welcome back to the show.
How goes your sugar high, sir?
This afternoon that with the dogs as soon as we’re done with this.
All right.
Well, we’ll get you out of here soon so you can go.
You can go rest, sir.
And then also joining us from the southern vol mecca.
I’m not sure what they do down there in the land of Texas.
I think they all wear bolo ties and then they throw rattlesnakes at each other.
He is the greasy as the meatballs.
Mr.
Mark Sebastian from option pit dot com.
Have I correctly surmised the Halloween experience in Austin, sir?
I am currently recovering from multiple rattlesnake whips.
That’s the thing.
That’s the thing.
You can fly down there so they all really throw the rattlesnakes at you.
You know, that’s kind of the thing.
So I’m glad to see you survived a Halloween down there in Austin as we now go out.
I’m not sure where he’s beaming in from.
Is he from Chi-town?
Is he from parts east?
I guess let’s find out.
We are joined once again appropriately enough in the year X hot seat by Mr.
Matt Corin, the equity and index derivatives sale and global V stocks lead over there at your ex joining us for the first time since back in April.
So it’s been a while.
Matt, welcome back to the program, sir.
Thanks, Mark.
I’m dialing in from a very toasty New York City.
It’s almost 80 degrees.
Oh yeah.
I hear you guys are getting like a marathon.
The kids and all their heavy costumes probably sweating a bit last night over there on the east coast.
All right.
Good stuff with the team assembled.
Let’s dive right on into the volatility review.
It’s time to break down the latest developments in the volatility trading world.
It’s time for the volatility review.
All right, everybody.
It’s time to get down to some vol business, of course, a portion of the show where we break down what’s lighting up the tape this week and continues to light up our tape today.
And like I said, in this final, final day of the final full trading week before what is potentially a big volatility event.
Remember, if you want to stay abreast on all the latest, what’s going on on election night listeners and maybe you don’t want all these partisan folks nattering on your TV or in your ears.
Join us for another election live stream.
You folks demanded it.
So we’re bringing it back.
I will be joined by a host, a bevy of special guests throughout election night.
One thing’s for certain.
We may not know the outcome by the end of the night, but I will certainly have no voice and we will have a good time at the end of the day.
So join us.
We’ll talk you off the ledge if you’re a candidate of choices.
Losing, we’ll talk you back.
We’ll give you some fun facts along the way.
Should be a good time.
All of the previous ones have been good.
This one should be a fun time as well.
Is it a fun time out there in the markets today?
Well, I guess it kind of depends what you’re looking for.
If you’re here for a nice kind of aggressive rally to kick off the first trading day of November.
By the way, we’re in November.
It just sounds this year is just flying.
In some ways, other ways kind of dragging.
So I guess that’s appropriate.
So kicking off November after yesterday’s blood red tide appropriately enough for Halloween for the markets to be blood red.
Nasdaq was off over 2% S&P off over 1%.
Dow I think somewhere around three quarters, two thirds of the three quarters of a percent.
Getting a good chunk of that back again today.
Dow up about eight tenths of a percent.
S&P up about two thirds of a percent.
Nasdaq up nearly a full percent.
About nine tenths of a percent.
That means all of our vol friends are coming in today, but they are still net up quite a bit since our last show last Friday.
In fact, VIX Cash, right as we kicked off the show listeners, was right at about a 21 and three quarters that puts it up about exactly three points from where it was this time last week.
VIX, the vol of vol itself up a whopping nine points from what we saw last week.
So a lot to unpack.
Let’s go around the horn the opposite of the way we started.
Let’s go out to the U.S. hot seat first.
Mr.
Matt, we’ll get to all the international vol fun in a second.
But obviously a lot popping off this week on the domestic vol front as well.
What caught your eyes?
I mean, I think how kind of sleepy it’s been, to be honest with you.
I think if you look at both what we’re seeing in V stocks and look at what you’re seeing on on on SIBO and VIX, it’s been relatively quiet.
Obviously it’s been a pretty chunky earnings week.
With that being said, vol markets haven’t done really any anything too exciting.
You still have VIX in that 21 range, V stocks in that 21 range.
Everybody kind of eyes on the prize for next week.
So we haven’t seen anything too exciting.
I think most people kind of had their positioning on coming into this week and then next week in the next couple weeks.
So, you know, for the most part, what we’ve seen is pretty much a whole bunch of nothing.
We’ve seen a little bit of volume start trickling in now just as we’re talking.
So maybe I’ll have a little fun to talk about.
But you know, along those lines, Matt, that’s something I’ve been kind of puzzling over for a while now as well.
And you’re a product guy.
So I’d be curious to get your your thoughts on this as well, because you’re right.
We haven’t really seen a banger week, not from an underlying movement perspective on the vol front, but also on the volume side.
We haven’t really outside of really one day this week on the VIX front.
We haven’t really seen a ton of paper in the vol space.
And it kind of leads me to wonder if maybe now this is the first election cycle we have with of course, the binaries that everyone’s obsessed with around the election.
That’s all pretty cool.
But also the zero DTE phenomenon that a lot of people have been loving.
And it kind of makes me wonder if folks who traditionally would have been putting on hedges and whatever the product might be, V stocks, VIX, SPX, spy, whatever the case may be, they might instead be waiting for the day itself because you can kind of do that now.
I’m kind of curious, Matt, from your perspective, do you think these new products are maybe cannibalizing some of the flow we would have normally seen leading into the election, sir?
That’s spot on.
And that’s exactly what we’re seeing.
And a lot of our market makers have said very similar things.
Wide trade, a three month, a six month option when you can trade a two day option.
Obviously, some of the shorter dated activity that you see in S&P, S&P, I think the dailies now account for something like 40, 45 percent of volume.
We haven’t seen that on UREX yet in Euro stocks, but you’re definitely seeing a trend shorter and shorter.
So, yeah, I mean, wide trade, a longer dated option.
And when you can trade shorter dated.
Yeah, that seems to be the case out there these days.
So, yeah, very different beast now here in the 2024 cycle.
And even then it was just in our last election cycle, listener.
So, yeah, interesting, interesting stuff afoot out here this cycle as we keep going around the horn.
Let’s go out to the hinterlands of Chi-town, where like I said, I’m at the virtually poking with the stick of you now and then because he is nodding off in his sugar coma.
Mr.
Rhodes, if you are awake, sir, what is catching your eye on the ball front this week?
This where we’ve been stuck in this wait and see attitude and I don’t think a big portion of just the wait and see is you don’t have to put your election hedge on until I’m in I’m on Chicago time until, you know, about two fifty nine on Election Day, if you’re on.
But I’ve been paying very close attention to the at the money implied vol for the dailies that expire on Election Day in the dailies that expire the day after Election Day.
And that number had been about two point two percent different.
It was like fourteen percent versus sixteen percent that when we were here this time last week, it’s thirteen percent the day before and twenty two percent the day after now.
So there the Wednesday options for next week.
The implied ball is definitely climbing.
And if anything, the market makers are adjusting.
But tell you something.
And I know we’re supposed to be talking about the ball space.
If the options are still cheap going into Tuesday, you know, and we suddenly hear about irregularities during the day and maybe one of the candidates says this thing’s being stolen and all this.
I think you can see a lot of volatility on Tuesday during the election.
We certainly could.
So I don’t think buying a star might actually go buy an abdomen that at the money straddle right now.
Just it just seems to make sense.
Of course, anybody that followed me on Dublin up on the very next last weekend and we’ll get to that.
You’re not going to follow me at all at this moment after that disaster.
But that’s what I’m thinking right now.
Yeah.
You VIX took a bit of a whooping.
I guess so did so did Dr.
V stocks VIX.
Dr.
Rowe.
I was looking at doing something.
You know me.
I’m always Larry.
I would when it’s rallying into the close.
That’s what I’m kind of like.
But I was with you.
I was feeling a little bit that weekend spookage as well.
But I did.
I did not dive in thankfully this week.
But yes, I’m sure some of our listeners did.
I’m sure the hate mail and dead animals are coming in the in the mail for you as we speak, sir.
But you know, one you mentioned the stuff setting up after the election.
I was talking about this on the option block yesterday.
I wish we’d been talking a lot about these election markets.
We had the folks from I.B. on not too long ago.
Petterfihe has his new forecast EX.
They’re trading up a ton of volume around the election as well.
I went and noticed and I pointed this out to Henry on the option block yesterday who was surprised because he has traded some of these.
He didn’t even know this.
Those binaries at least on forecast EX.
I haven’t looked at all the calcium.
The other ones yet they settle on January 7th.
They don’t settle the day after the election or anything like that.
So Petterfihe hedging his bets.
He’s not going to settle any bets out until everything is certified after January 6th.
So interesting.
A little bit of recent history probably playing into that.
Something to be aware of listeners if you’re slinging some binaries, especially on the forecast EX ones.
You’re not getting paid on Wednesday morning.
You have to wait a little bit.
All right.
Mr.
Meatball a lot to unpack.
A wild week.
A crazy end to October.
A blood red end.
And now looks like a green Santa Claus style kickoff to November.
What’s catching your eyes?
Yeah.
You know, yesterday was a bit of a bloodbath.
We got some positive news out of Amazon.
A little bit of a snapback.
But you know, the market has softened as the day has progressed with, you know, Apple.
Apple definitely softening up some.
Amazon.
You know, Amazon has traded and closed at exactly 200 twice.
It’s never actually closed above 200.
And I was interested to see if it could do that.
It’s not doing it today.
So I’m watching what it does on Monday pretty darn closely after kind of the bloodbath that was meta and Microsoft on Thursday.
Nice little rebound.
Nvidia.
Nice little rebound.
But, you know, for how much vol went up, it’s not pulling back as much.
And you’d expect that.
You know, when we get to talk in the VIX curve, I put out a picture on Twitter of what the curve looked like eight years ago.
And I kind of want to address that when we get to get into that.
But it’s funny how similar this is to to past elections.
So what we’re looking at is really not that unique.
You guys coming out of these little stock nuggets of late.
What was the one you had last week that our chat said they were going to go investigate and was something about was it Nvidia and something along those lines?
And I got the Amazon one.
So interesting, interesting.
No, it was Nvidia bigger than Apple.
Yes, that’s what it was.
Yeah.
And it video was bigger than Apple.
And I said, that’s a short.
There you go.
And Nvidia has never been that high since.
Just saying you are the kiss of death for upside.
And I like it.
You killed it single handedly, sir.
So our chat apparently apparently appreciated it.
So there you go.
Let’s see if there’s anything to appreciate out there on the Voll surface this week.
Listen, let’s go out to the land of the VIX Futures first.
As we’re looking at the start of the show here, things are frothy.
If you’re looking for the magical mythical 20 handle, of course, you can find it in the cache.
But if you’re going out a little bit into the actual ball surface, looks like right as we were right, right coming into the start of this segment, we were kissing a 20 almost in July.
We’re at 1995 and we were at a 20 exactly 20.00 in the front, the nove contract.
So you can find a couple of 20s, well, 120 adjacent out there.
Everything else is pretty much a 19 handle out there.
So intriguing times, even with all this Voll lift, you got to really kind of work to get a 20 handle out there, which is kind of interesting, which is also kind of a lament people have had for the better part of the last week and change.
You know, if you’re looking at some upside in VIX, if you were prepping or specking on some upside, we kissed 20 a few times, couldn’t really break through it.
It really took the big sell off yesterday to get us that next leg upward there in Voll.
And so far, as you would expect, the Futures are firmer, but still kind of lagging that move a little bit out there.
Let’s go out to Mr.
Rhodes first, or what’s catching your eye out there in the VIX Futures curve this week, sir?
To bigger discount relative to spot.
I’m kind of surprised at that, but I guess, you know, everybody, you got to go in one direction or another.
And that’s, you know, what we’re looking at as far as the election goes.
You got to got to think is volatility going to come in or is it going to hold off?
I would lean toward holding up a bit.
So I’m kind of surprised that that’s widened out in the past week or so.
I kind of expected status quo across the board.
And then the December, I’m looking beyond the election and looking at the relationship between December and January.
This V-stocks VIX differential still holds up.
And I talked about it last week, and I know we’ll get to the V-stocks term structure as well.
But the VIX term structure, you’ve got December at a 20-cent discount to January.
And then when you look over in V-stocks, you got December at a 95-cent discount.
So you know, maybe a spread calendar trade.
If it looks like we start seeing excess volatility from the election, I wouldn’t be surprised if November and December V-stocks go up more than November-December VIX, since they’re not really– I’m sorry.
January-December, I think, would move up a bit if it looks like this is going to be a protracted type thing.
So maybe you buy December V-stocks short January V-stocks and short December VIX and buy January VIX.
I think I said that right.
Candy.
Try again, sir.
But yes, yes, that’s interesting.
You know, we’ll get to a little more V-stocks fun in a second as we go beyond our shores.
But first, Mr.
Meatball, sir, what’s catching your eye out there in the ball surface this week?
Well, as I alluded, you know, I put this out on Twitter.
But if you go back and look at what the curve looked like with– you know, I was looking at yesterday.
If you look at– so we currently have essentially four days until they announce the results of the election, you would think.
And I went and looked at the VIX curve from– you know, the VIX curve today, you’ve got the VIX at $21.78, that front-month future at $20, December $19.05, and January at $19.30.
If you went back and looked at November of 2016, same number of days, so you’d be talking like November 3rd, the VIX future had a little bit less time to expire, expired on November 16th that year.
But the VIX was at 2022.50, if you will, 22.40, front-month future, 1940, December 1897, January 1927.
So you had almost the exact same– here, I’ll cut this picture so you guys can see it.
You have almost the exact same shape curve that we had eight years ago.
I’ll drop this in our Skype chat.
Mark, you can feel free to share that with your insiders.
But that’s what the curve looked like exactly eight years ago in the exact same scenario.
And here’s what it looks like now.
And it’s crazy how similar they look.
Like it’s kind of nutty how similar they look.
And I think that just kind of goes to show you how history does echo.
Yeah, I’m looking here at these.
And listeners, we’ll see if we can get these out for you.
Maybe we’ll tweet them out live so everybody can see them out here.
But you’re right, they do look eerily similar.
So producer, let’s tweet both of those.
Got to have them together.
Hard to digest on their own.
But interesting stuff.
Speaking of interesting stuff, listeners, time to cast our gaze beyond these shores and see what’s lighten up the international vol market.
Yes, it is time once again for the International Volatility Review.
It’s time to explore what’s happening in the volatility market beyond our shores.
It’s time for the International Volatility Review.
The International Volatility segment is brought to you by EuroX, home of Euro Stocks, V Stocks, DAX, and the German government bond-based Eurobund, Eurobabel, EuroShots derivatives.
EuroX is the leading European derivatives exchange.
Learn more about trading V Stocks futures and options, the European volatility benchmark at www.urex.com/vstocks.
All right, listeners, let’s get into a little bit of the old International Volatility Review.
And look in here right now, V Stocks, as Russell was alluding to earlier, closing a wee bit higher, a wee bit frougher than it was on our last show.
Almost exactly two points.
1.95 points higher than it was a week ago at a 20.86, just for a frame of reference.
That high obviously came back on August 5th for this year, 31.16.
So not quite there yet, but also not quite sniffing the 52-week low, which came back in December of last year as well, a 12.12.
So hanging out pretty close to the middle of that 52-week range right now.
Where will we head?
In the coming week, where will we head after the election?
That’s the interesting stuff we’re going to talk about here right now.
And Matt, when you’re not talking to us here on this show, you’re out there talking to all the folks about all things V Stocks.
So first off, what’s catching your eye in terms of V Stocks movement?
And then B, what are you seeing out there in terms of volume?
And what are you hearing from the folks?
What are they inquiring about when they’re contacting you to chat about all things V Stocks?
Sure.
Yeah, I mean, as I said, it’s been a relatively quiet October.
The first half of the year was definitely a banner year for V Stocks.
V Stocks futures have been up something like 17% year over year, ADV wise.
The option side up almost 45%.
So a pretty great year.
With that being said, what we’ve seen and kind of the positioning we’ve seen recently, and this was something that we highlighted on our focus day with with Russell last week, was the general consensus.
I think from what we see at least, and some of the banks are calling this, is you’ll probably see a contraction involved.
Again, at least from a V stock standpoint, in the weeks after the election, JP Morgan, for example, they were pitching a December 1715 strike one by two put spread that had some some pretty good following.
And I think if you look at that December 15 strike put that the open interest is still pretty chunky.
But what I think is interesting is now the same bank JP Morgan is saying, well, you should watch though, because depending on who wins this election, you may see V stocks start to move to a premium relative to VIX.
So JP Morgan’s strategy team actually put out a call last week by Jan 25 VIX puts.
And you can partially fund that by selling V stock Jan 25 puts, which I think is an interesting trade.
Again, I think the general kind of consensus from what we see is you’ll probably see a reversion involved to a certain extent, again, at least in those couple weeks after the election.
But January, February, I think that’s anybody’s guess we have German elections in 2025.
So yeah, I mean, really from the short term standpoint, very likely, I don’t think we see V stocks sit at 20.
But it’s hard to tell where we go in Q1.
Interesting a VIX V stocks pairs trade out in Jan.
I kind of like that.
It’s intriguing.
You mentioned that one by two put spread.
We have talked about that on the show before.
That was interesting for a couple of reasons, A, because it was sizable.
B, we don’t see a lot of one by two put spreads in the ball space.
It’s usually one by two the other way to the upside.
So one by two put spread is intriguing.
I don’t care what product is in this because you don’t see it very much.
So the fact that they were putting one of those on and recommending one of those for size and V stocks also kind of fascinating.
Mr.
Rhodes, I know you’ve been watching the space.
You’ve been watching that one by two put spread a lot as well.
What’s catching your eye out there in the V stocks landscape this week, sir?
They’re still kind of easing out of that.
That put spread I got to keep I got to update my spreadsheet a little bit, but I know that they continue to piece by piece try to get out of that and are did fairly well with it if I remember correctly, at least on the initial pieces that folks got out of.
Once we get past December expiration, I definitely going to do a little summary of everything that we saw.
And I love tracking trades like that.
Again, just looking at the V stocks term structure, they’re both kind of flattish, which always indicates a bit of uncertainty.
I just I really that that December at such a discount to to January is really it’s sticking in my brain because I do feel like we’re not going to get through the end of 2024 without at least a little bit more global volatility.
And if it if it happens to if it happens right after, you know what, even if it happens very close to November expiration, it will have more of an impact on December than than January.
So I think there’s a long vol into the end of the year trade, even if you don’t want to pair it up with something in VIX to do in that space.
That certainly would be intriguing as well.
And I know, Russell, you guys just had your big online webinar event full day of all things V stocks.
I know you were working on getting an archive.
Is that available yet, sir?
Yeah, that would be that’d be Matt, not me.
Oh, then Matt, they haven’t sent me anything that says that.
So you’re the man to ask.
Can the folks check out that archive yet, sir?
They sure can.
So it plays on YouTube if you don’t want to dig for it.
European volatility that substaff.com.
We put it on there today.
But Russell, we’ll send it to you right after this call as well.
All right.
Probably do it while the call is going on.
Yes, that’s I’ve made.
I’m always it’s funny.
Sometimes I’ll back test something during the program.
I’m always multitasking as I’m here.
It makes the time fly by.
But I think the biggest takeaway was in this is a bit concerning to me because I heard it again this week at a conference.
When everybody has the same mindset around something, you’ve got to worry a bit.
And there just really is this common thought out there that once the election is over and over the near term, not once the election is over using pedophries to January 7th, but once the election is over next week, that we’re going to see volatility come back down.
And that’s just something that I just is polarizing and is upset as about half the country is going to be based on the outcome.
I just I don’t see this thing going away quietly.
Let’s hope we don’t have a repeat of Jan 6th there.
But I don’t think it’ll be that extreme, but because they’re more prepared for it.
You know, if you’re prepared, if they had been better prepared for that, it never would have.
That’s true.
That is true.
But that that expiration, that settlement date for those binaries does give me some pause.
I see you’re floating in our chat, sir.
If you do have the link, if you want to post it in our chat, I’m sure I’m sure a lot of our hard hours in the chat would like to check out that archive link as well.
So you can check that out for yourselves, listeners.
And as always, you know where to go to check out all this data we’re talking about on B stocks and do your own digging over there.
Urex.com, the place to go to kick the tires and light the fire slash B stocks will get you right to all this fun.
We’re talking about as we keep on rolling here with the show right on into the land of VIX options.
You know, it was looking really sleepy when we kicked off the show.
VIX was right around a quarter of a million contracts.
It has since launched up to nearly 700000.
So just as we’ve been talking here, listeners, looks like some action hitting the tape out there in VIX lands.
Maybe you have something to sink our teeth into today in terms of a TV, you know, yesterday notwithstanding, it’s been mostly quiet.
Like I was saying at the top of the show, it does seem like the near dated contracts are rarely eating into a lot of the speculative and the hedging flow we would have normally seen at this time in election cycle.
No one’s no one’s putting anything on.
They’re keeping their powder dry.
And if they’re worried about something, they’re putting it on like Russell said to 59 Tuesday.
So yeah, it’s a very different environment than even four years ago.
Listeners.
So that a TV reflecting that 746 on the tape right now down another 24000 from this time last week.
So getting into an election, you would not expect that you would think, you know, the S&P would be doing more.
You would think the ball products would be doing more.
And yet, as Matt alluded to, it’s a surprisingly quiet time.
And I do think the zero day phenomenon has something to do with that in terms of the top 10 out here in Vixland cost you 205000 contracts to break into the top 10 right now.
So that is fairly heavy for Vic.
So maybe that reflects a little bit more interest going on out there if the actual day to day volume does not.
And by the way, looking at the top 10 right now, we are hanging out six to four calls overput.
That 50/50 line, which is kind of fascinating and pretty put heavy if you know anything about VIX.
So intriguing stuff out there.
I’ll break down a top 10, then we’ll get out to some weekly action here in Vixland.
Number 10, 205000.
What a caution to break in this week.
That gets you to our old pal, the Jan 42 half.
Number nine, 231000 of the nove 19 calls.
Number eight.
Here we go.
Listeners, 239000 of one of my favorite positions on the board.
The nove doubles, even though I know it’s it’s part of a vertical.
But still, it’s fun to see that there.
Number seven, 253000 of the nove 14 puts.
Those are looking more dire by the day.
Listeners, number six, 254000 of the nove 40s, four ohs.
So if the nove doubles not doing it for you, allow me to present number six, the nove 40s, 254000.
Number five, 308000 of the nove 20s.
Looking a lot better now than they were a week ago.
Number four, 310000.
We got a little put strip going here.
Number 10, 310000 of the nove 16 puts.
If that’s not long term enough for you, allow me to present number three, 326000 of the deese 13 puts.
I like the distance.
I like going out to December 13.
I mean, if there’s a month on the board that could threaten the 13 deese is certainly it.
Who knows?
Let’s hope we’re hanging out at a 13 in December.
That means things have settled down.
That means we’re not having a contested, ridiculous post election period, which is not good for anyone.
Let’s hope those come to pass.
Right now my gut is telling me maybe not, but we shall see.
And then number two, 341,000 of the nove 15 puts.
Again, the clock ticking for those bad boys as well.
And the number one big boy position out there in Vixlan this week, 347,000 of the nove 35 calls.
All right, listeners, enough of that fun, enough of the pleasantries.
Let’s get down to our fun business.
It is time for Russell’s Weekly Rundown.
Now, Russell’s Weekly Rundown.
Now, Russell’s Weekly Rundown.
All right.
So nice.
We have to play it twice.
Listen, as Mr.
Rhodes was catching your eye on the Vix Weekly front in our final week before the election, sir.
Wait, no, what are they just there?
All these trades relate to each other and stuff.
So I’m going to start with a trade that happened about 30 minutes into the trading day this morning.
Somebody bought the November 13th 25 call for 90 cents, sold the November 13th 30 call for 53 cents, net cost of 37 cents.
What do we think that is?
We think that somebody looking for some volatility going into the election.
That is not what that trade is.
That trade was an exit.
Somebody sold it same size day before somebody put that trade on for a 56 cent credit.
So they made about 20 cents, shortened volatility using the November 13 options in front of the employment number.
And a part of me thinks maybe they put that trade on and if we reacted badly to the employment number, they’d be a little patient and hope that it came back down right before the election.
That’s kind of the mindset that I think I would have had behind that one.
A Thursday trade that’s looking for higher volatility and VIX was already at 22, 74.
Somebody bought 600 of the November 6th 23 calls and sold the same number of the 39 strike calls at eight and they did this at a net cost of about 10.
I hope they weren’t doing this for election volatility.
If they were, they don’t listen to us because we’ve talked about how the proper expiration is the 13th, not the 6th, at least in my mind.
If you want to do something for the 6th, put the trade on late on the 5th and that way if we do get a big overnight move into settlement.
In fact, if you’re going to do something like that, maybe just buy a slightly out of the money call if it’s not terribly expensive because I think if settlement is going to be goofy in one direction or another, it would probably be higher on that one.
On Wednesday, here’s the trade I’m not real wild about.
Somebody sold 100 of the November 6th 28 calls for 21 cents.
It doesn’t look like it was paired with anything else.
I know they’re going to make money off this trade most likely.
I wouldn’t have done that in front of the employment number even though the lack of reaction to the employment number is not shocking.
I still wouldn’t want that 5 to 10% chance that I’m on the wrong side of something and it sure isn’t worth 21 cents.
Then the most interesting, I think I’m going to have best, worst and most interesting because this is the most interesting trade.
On Tuesday, I saw somebody bought the October 15 calls, they bought a little over 100 of them or so and they paid $455 for them and they sold the same number of the November 6th 15 calls for $4.38 and it’s a rolling transaction.
So I started going backwards and in mid-October, they shorted those 15 calls for 4.61 so they made a whopping 6 cents off of that.
But there’s more.
There’s more.
That trade was initiated on October 18th and when they did that, they bought to cover some October 23rd 16 calls at $358.
They had sold those short at $514.
So it looks like somebody’s doing a consistent short in the money call just to have a consistent short position in VIX and they’re using the weeklies to do that.
After that, I kind of get lost trying to track it because I couldn’t find an October 16th expiring trade.
But I picked up on somebody that’s selling in the money calls with a little juice to basically be consistently short VIX with VIX up in the upper teens 20 range right now.
Interesting.
I’ll have to turn your nickname to Detective Dr.
VIX and VStocks out there, tracking down all this flow.
It is fun when you start digging into the history of it.
It is.
And then you’re like, “Where does this thing end?”
It keeps going.
Some of the ones you look at, you’re like, “Oh my God, I’m going back 12 months now.
They’re still rolling.
Can we stop it?”
But yes, yes, it is interesting stuff.
In the money, you know, it makes sense.
There’s a premium out there to be had.
You might pop a few thumbs during the lifespan of those trades and our friend there rolled and kind of scratched on one, but he made money on the other.
Intriguing.
Not a use case.
We see all the time out there in VIX land.
People I’ve written in before saying, “Why don’t more people do that type of trade in VIX?”
So there you go, listeners.
Russell discovered one for you.
Let’s see what we can discover out here in the big mothership options.
Like we said, it’s popping off a little bit today after starting off kind of sleepy. 675,000 contracts on the tape.
I think I discovered what’s going on out here.
Looks like it was a Nove 151413 put spread going up, but not one by one. $50,000 of the 15 puts.
Looks like a paper maybe sold those for 19 cents against 150,000 of the 14 puts for 7 cents and then 100,000 of the 13 puts for 2 cents.
So riddle me that one.
Doesn’t seem like they’re rolling.
There is size OI though on all these strikes, so it’s hard to intuit.
Exactly.
The only one that’s clearly opening are the 13 puts.
So maybe they’re bailing on those rolling up to the 14 puts, but then the 15 puts is kind of a weird one as well.
So all sorts of weird paper, but that’s why we’re seeing this little bit of resurgence of action today.
You’re talking 300,000 contracts right there, which is why we’re seeing 675 on the tape out there.
So our top three, obviously a buck 50 of the Nove 14 puts today. 100,000 exactly.
Pretty much of the Nove 13 puts, 68,000 of the 15 puts.
Number four, 36,000 of the Nove 16 puts.
Great place out there on today’s paper, 19,000 of the DS 15 puts.
Thursday, yesterday, the banger day of the week.
Without this, we really would have had not much volume at all this week.
1.58 million contracts.
All it took is a nearly 2% sell off in the S&P to kind of wake VIX out of its slumber in the week before an election.
How crazy is that?
But that’s what it took.
1.58 million contracts.
The big dog yesterday, Nove 16 puts, 126,000.
Our guest yesterday on the option block pointing that fact out as well.
On a day when VIX was popping hard, puts were outnumbering calls in VIX options.
You don’t see that too often.
Maybe a bit of some folks coming in to take the opportunity to fade this.
Either way, a buck 26 of the Nove 16 puts followed by number 212,000 of the Nove 15 puts.
Number 310,000 of the Nove 20 puts.
Number 4, man, a putpalooza, 89,000 of the Nove 18 puts.
Maybe there is something to that.
And then number 5, 67,000 of what you might expect on a day when VIX is popping and the market is dropping. 68,000 of the Nove 35 calls.
Wednesday, 602,000 on the tape.
The big dog, 77,000 of the Nove 15 puts.
Number 2, 60k of the Nove 17 puts.
Number 3, 49,000 of the Nove 40 calls, 4-0s.
Number 4, 28,000 of the Deese 13 puts.
My old pal there.
And rounding out the top 5 on a pretty light Wednesday, 25,000 of the Nove 27s.
Tuesday, same deal but less paper, 547 on the tape.
The big dog, 42,000 of the Nove 19s.
Got some calls finally.
Number 2, 37,000 of the Nove 18 puts.
Number 3, 36,000 of the Nove 16 puts.
Number 4, 30k of the Nove 19 puts.
Starting up the rare on a light Tuesday, 29,000 of the Nove 25s.
Speaking of light, Monday, absolutely nothing.
The day after all this news on the weekend of these strikes and everything else going on in the Middle East, nobody seems to care. 342,000 contracts on the tape.
VIX goes to die.
You VIX goes to die.
We’ll talk about that in a minute. 44,000 was the big dog on the tape on Monday of the Deese 14 half puts followed by 22,000 for number 2 of the Deese 13 half puts.
So maybe some roll action there one by two and not the rest of it too light to not even really really merit discussing.
Mr.
Meatball, are you surprised like I am at just really how anemic volume is right now heading into the election and then anything catching your eye on the VIX options front this week, sir?
You know, I’m not surprised.
We probably saw most of the positioning get done weeks ago.
I mean, we’ve talked, you talked about those December 13 puts that are open.
What do you think they’re buying those for?
You know, we do see a pretty big.
I mean, did you, did you see this November spread go up this today, Mark?
That’s what I was trying to see.
Do you have more, more detail on that?
I’m looking at it right now.
It looks like an exit.
It has the width of that.
It looks like I found where they bought the 14 puts and they bought, I’m sorry, Mark, Sebastian talking over you like this, but I saw, I found where they bought a hundred thousand of the 14 puts back on October 16th that prices between 11 and 12 cents and a similar a hundred thousand or so of the 16 puts.
Somebody paid 60 cents for them back on October 18th.
I think October 16th.
Yeah, you know what this was?
Sorry, sorry.
It was a one by three by two trade.
So they were long 50,000 of the 15 puts short 150,000 of the 14 puts.
They were long a hundred thousand of the 13 puts.
They were looking for VIX to pull back obviously before the election, not because they are, it does appear to be an exit.
But that was, that is the big ticket.
They they’re closing up that one by three by two outside of that.
Biggest trade of the day that is opening is the December 14 and a half puts.
You have a buyer, you have a sweep buyer of the 18, 17s and 16s in November.
They did, they bought 10,000 each.
They are, maybe they sold them.
I’m not sure what they did here, but they, these all traded mid-market.
So it’s hard exactly what to tell what they’re doing, but 30,000 lot sweep on the 18, 16s and 17s.
Starting at Halloween, the scary trade for Halloween was a buyer of the November 35 calls and a buyer of the December 3355 call spread.
They did 50,000 of the no 35s versus the 3355.
So my guess is they sold the no 35 calls to close, bought to open the 3355 call spread in December.
That was the biggest trade from Thursday.
You know, just a little bit of a hedge roll.
Maybe they feel like they’re running out of time.
Nothing huge on Wednesday.
Biggest trade, your favorite trade, the December 13 puts 25,000 of those and a seller of the November 40 calls.
Tuesday, biggest trade on Tuesday was the November 25 calls.
They bought 50,000 of those for 80.
Nope, they canceled it.
They only bought 25,000.
They paid 86 cents.
So nothing huge on that day.
And then Monday, which was another fun one that we’ve got that a December, the biggest trade was a December, like kind of weird risk reversal thing.
This all went up the same time.
Looks like they sold the December 16 puts at one 12 sold the December 22 calls.
So the December 13 puts sold the 14 and a half puts and the 13 and a half puts.
So a lot of all selling there.
And that was the biggest trade that day.
So yeah, not nothing really nothing really crazy this week, but definitely nobody, you know, what’s interesting is none of these really outside of those, maybe the December 13 really appear to be election positioning.
I know you like yourself a good VIX put where are you on these DS 13?
They’re a cheap flyer.
I mean, I’d buy them before I’d sell them.
Yeah.
I just, it just feels like a bit of a bridge too far from me.
I hope they’re right.
I hope those crush it.
That’d be nice for I think for the world.
Well, you know, I wait till you hear my crystal ball.
I think you’ll be surprised.
Oh, okay.
A little bit of a tease there as we head on into some of the other ball ETPs.
Matt, I know when you’re not fielding calls left, right and center for all things V stocks, you have your finger on the pulse of the vol markets.
I’m sure you’re watching some of the vol ETP action out there.
Which of these vol products are on your radar these days?
Do you watch, you know, inverse vol like an S VIX, are you a VXX guy, UVXY, any of these products float in your boat coming on your radar these days, Matt?
Look at UVXY every once in a while, but I mean, you generally the levered plays are not something I look at too much.
Would be nice if we had a V stock CTF or an ETN, but it doesn’t look like we’re going to have one anytime soon, sadly.
I was going to say, that’s what we’re missing in the ecosystem there.
A little bit of a levered or an inverse V stocks, you know, I think the folks can get behind that, Matt.
I don’t know.
I’m just putting that out there.
Just two guys talking on a show that might be, it might be kind of a fun thing.
Just throwing it out.
I’m sure you guys have never considered that over there.
You never heard that before.
We had one back in the day.
There was, there was one back in 2020.
It got to be listed at the height of the pandemic.
Sadly, missed it by that much, sir.
Geez, man.
Just hold on to that one a little longer.
That would have been a.
Got to imagine a few people would have been intrigued by that.
Speaking of intriguing listener, let’s get out and see what’s intriguing in the vol ETP universe this week.
Let’s go inverse first as we are want to do.
S VIX, the meatball and Russell’s beloved S VIX 23 even right now, given back some so vol is firming up a little bit as the show is progressing here.
It was a little bit north of 23 now it’s back to about a 23 even that puts it off about 1.2 points from where it was this time last week.
Doing some paper today, 7,800 contracts on the tape.
That’s a good thing because the ADV is only 58 500.
So I’ve been saying for a while.
S VIX volume is going in the wrong direction.
So this hopefully will jazz things up.
And you know what?
To keep things even, Steven, we had him on the show a few weeks ago.
Let’s throw a little love the S vol way as well.
S vol at a 21 even.
So not that dissimilar from a price level out there as well.
Pass down half a point putting up a whopping 91 contracts today.
So liquidity profile a little bit different.
I know for some of you may be looking for something a little bit different in the inverse vol space.
Maybe S vol underlying is the way to go.
Mr meatball will start with you this time.
You’re out there running this newsletter on all things inverse volsir.
What’s catching your eye in S VIX these days?
Yeah, well, you know, and I think until the election comes around, S VIX is going to be stuck in no man’s land because that, you know, when the curve is in this kind of backward nation that is gonna that or between November and you know, when the VIX is traded by the whole curve, that’s going to create a negative drag on S VIX and a positive drag on the other ETPs.
And it’s been that way for several weeks.
I think post election will be a very different curve.
So no action in the meatball newsletter for this week on on S VIX?
Not really.
But on the hill and watch the Tigers fight or maybe just watch the Tigers sleep kind of week out there.
Mr Rhodes, what’s catching your eye in the inverse vol space these days?
S VIX is still stuck and you know, I have to I have to apologize to everybody because the UX thing sure did.
This weekend, I should have known it the second day all three of us agreed on it and we’re like, see, notice that I’m throwing you two under the bus with me on that.
I notice how you drag us in there as well.
I appreciate that.
But I’ve but it’s all on me.
If you if you hit the button, it’s your own fault.
So that one was completely on me.
I just did double a normal position while we were talking last week.
It really did feel like, you know, people were starting to worry about something over the weekend.
Did we did Israel hit Iran last weekend or the weekend before?
It was last weekend.
It was last weekend.
I’m going to be wonders if that’s what you know, if people were hearing about something like that getting ready to happen.
And the fact that it went so well for Israel and did not go particularly well for Iran.
And it looks like Israel did so much damage that Iran doesn’t really have the ability to even fight back right now.
That maybe that’s why, you know, the markets did not have a little volatility bump for me on Monday morning like I was hoping it would.
Yeah, when they struck early, OK, it’s looking kind of good for Dr.
Vicks trade.
And I was kind of limiting not when I saw that I was like, all right, you know, I’m not that I’m like that.
But you know what?
And then then after I saw, you know, people have been whistling past the graveyard in the Middle East, the ball for a while that we talk about this on our This Week in Futures Options show out there, just how they’ve been crushing ball in every crude oil and every energy product for a while, just on the belief that this is all over, which seems kind of crazy to me.
There’s still there’s talk even on the show yesterday.
There were rumors Iran’s planning a big retaliatory strike right before the election here in the U.S., which is crazy to me unless they really want one candidate to win who doesn’t really like them very much.
That seems like a strange strategy.
But either way, and folks are still crushing vol out there.
Strokes are still crushing the underlying.
So you’re right.
It’s it’s a strange thing.
But that is where we are.
Speaking of your beloved, you Vicks 580 right now.
So if we had opened here on Monday, Russell, you’re looking like a hero, looking like a champ.
But I know.
But alas, no up three tenths of a point.
It got all that pretty much while we were talking on the show today.
Listen, as was five and a half when we kicked off the show, that’s pretty much where it went out on Friday last week, maybe 560.
And then it kind of kind of gave up the ghost over the weekend, which you don’t see too often out there.
But that happens.
A 40,000 contracts on the tape for you, Vicks, right now as well, which is looking pretty good.
The ADV is only 34,000.
That’s up 3000 on the week.
Let’s do a quick run through of the rest as well.
Then we’ll get to our crystal ball for this week.
You be X, Y all you VX, Y Defense Force fans out there, twenty nine and a half right now, up two and a half points from last week.
Sixty eight thousand contracts on the tape.
So we’re starting to see a little bit of a volume resurgence here towards the end of the week.
And hopefully this will hold the ADV is fifty four thousand.
That’s moving in the wrong direction as well.
That’s down a thousand out there in UV X, Y and then our old pal VX, 56 and a quarter catching a bit as well, lifting a point over the course of our show.
It’s up three and a half points now, putting up some numbers today as well.
Thirty five thousand.
The ADV is only twenty five thousand.
So in the last hour, it seems like we’ve seen vol firm up a little bit and all of the vol products catch a little bit of a lift on the volume front.
So maybe I’m not going to say it again because we talked about it last week, but maybe there’s a whiff of unease heading into the weekend.
But we’re never uneasy when we head on into the crystal ball.
It’s time to peer into the future and reveal what the volatility gods hold in store.
It’s time to look into the crystal ball.
All right, listeners, welcome to the crystal ball.
The most difficult, the most dangerous portion of the show.
And let’s see, as we’re coming into the end of the show, things are firming up a little bit.
Let’s see.
At the start of the show, we were at twenty one and three quarters in VIX cash or up about exactly half a point, a little more than that now.
Twenty two twenty nine in VIX cash.
We already told you that the top of the show where V stocks close this morning, twenty point eight six.
So let’s go around the horn.
You know, the meatball and I were kind of splitting the uprights on V stocks.
He was at twenty one twelve.
I was at twenty thirty three.
So he was about a tenth of a point closer.
None of us winning, though, on V stocks.
Russell at a nineteen and three quarters.
So all of us still dialing in our V stocks models.
Maybe Matt can point us in the right direction this week.
And then on the VIX side, by the way, on the show last week, it was myself.
It was Dr.
V stocks.
It was Mr.
Meatball.
And we had Alec joining us last week as well.
On the VIX side, we had twenty two twenty nine.
Oh, Mr.
Meatball, you’re palindromic nonsense.
Twenty two twenty two.
Running in right under the wire.
That puts us at a crystal ball win for the meatball.
Even a broken clock is right twice a year.
Getting the nice crystal ball victory for the meatball out there.
Russell’s at a twenty half.
No joy for him.
I was at a nineteen and three quarters.
No joy for me.
Alec feeling the downside at an eighteen seventy.
No joy for him either.
So Mr.
Meatball, you are our winner this week.
You get to choose.
Do you want to go first?
Do you want to pick somebody else to go first?
No, I’ll go first.
All right.
How about it, sir?
I’m going to tell you what I think is going to happen.
I think we could be soft.
I think I wouldn’t be surprised if today ends up either flattish or red.
I think you’re going to see the VIX up through Wednesday and then we’re going to see some real vol collapse.
And I’m not a believer that this is going to turn into some disaster.
I just don’t see it.
And I think that I want to in palindropic nonsense terms, I’m going to go with a VIX of fourteen forty one.
Whoa.
And a V stocks of fifteen fifty one.
Whoa.
So you already bought those these thirteen.
That was you all.
Maybe.
Maybe not.
Wow.
All right.
Hey, you know what?
I hope that comes to pass.
I hope that comes to pass for your puts for society as a whole.
Whoever you want to win.
At least that number means we have a definite winner.
At least there’s no pitchforks in the street or any of that kind of nonsense.
So wow.
Fourteen forty one man.
All right.
Interesting.
Mr.
Matt’s you weren’t on last week so you get the the fun of going next.
If you want to do both, you can.
If you want to just dive right into V stocks.
We’re all listening really hard to your V stocks prediction because we’re all still trying to tune in our prediction model.
So you got any tips for us, sir?
I will happily do both.
I won’t go as far as Mark with a fourteen handle.
But I do agree that maybe we were being a little dramatic with this election.
I think things generally get wrapped up by next Friday.
Maybe there’s still a little election risk premium heading into the weekend.
I will say eighteen flat for VIX next Friday, 1775 for V stuff.
Wow.
Moving almost in into parity there.
That’s kind of interesting as well.
That spread perhaps collapsing out there.
Interesting stuff out there.
And then let’s see who was closer.
Russell was closer on VIX.
I will go next.
Let’s see.
What am I feeling for this time?
I don’t know if I feel the vol collapse that the meatball is putting out there.
I could see a little bit less though.
Let’s see.
I don’t I don’t hate where I am this week.
I might just dial it down a little bit.
I might say nineteen twenty five for VIX and let’s keep V stocks in the same ballpark.
But I’m going to say I’m going to say, you know, I’m going to say twenty oh one for V stocks.
So there you go.
Mr.
Rhodes, you get to go last.
Sir, what are you feeling for this time next week?
You get to go last.
I love it.
I’m going to I’m taking the opposite end of the spectrum from Mr.
Sebastian.
58 VIX.
Following his methodology, I’m going I think these stocks will be at a discount to VIX.
And I don’t think the thing will be resolved next week.
I mean, we may think it but well, of course, it’s not going to be resolved until Pedofree says who’s president.
Exactly.
Exactly.
Got to wait for.
And you know what?
I would love it if that guy picked our president.
He would I’m sure he would be a great and very harsh leader, a benevolent leader of these stocks.
I’m going with twenty three thirty two and VIX.
I’m going with twenty four forty two.
Oh, man.
It grows.
It grows.
I was thinking upper 20s, but none of you guys, you know, push the 20 boundary.
So I got myself down a bit.
Wow.
I don’t like your prediction just just for what it entails.
I know nobody likes my prediction.
Does that mean we buy you VIX on the closed Tuesday for Wednesday?
Oh, yeah, I think it does.
If you’re looking at your prediction, I think that that’s exactly what that means, sir.
Wow.
All right.
Missed listeners.
I haven’t looked yet.
Let’s see where our show our chats going high to twenty six forty twenty two.
Twenty two.
Half’s not crazy.
Queen, she’s usually pretty good.
Eighteen and a half.
So she’s calling for calmer heads.
Let’s hope Queen is correct.
Just society wise listeners.
I don’t think any of us want Russell to be.
That means we have a lot of hanging chads and all sorts of nonsense going on this time a week from now.
Let’s hope not.
Well, unfortunately, that music means we are done for right now.
But before we go, let’s go around the horn.
Mr.
Matt, if folks want to dig into all things V stocks in a lot more detail, where should they go?
What should they do, sir?
You can always go to the your website, your website, your website, or at the website.
For our sub stack, where we post more often European volatility that’s up back that.
Check out their sub stack if you are intrigued.
Listen, a lot more stuff going up on sub stack.
I notice it’s having a resurgence these days.
So check them out.
They’re listeners.
If you want.
I know you guys are hitting us up all the time with questions about, you know, V stocks, data and historical.
It’s all there.
Go to those sites and you could find it for yourselves or hit up a guy like Matt.
He’ll be happy to.
He’ll be happy to give you the specifics over there.
Mr.
Meatball, the folks want more either your S VIX newsletter, which you said is going to be sleeping.
Maybe they want to question you about your palindromic vol picks.
Where should they go?
What should they do?
Yeah, come to option pit dot com and follow me on Twitter at option pit.
I dropped a fun nugget this morning out on Twitter.
So make sure you’re following me.
Give him a follow at option pit.
Mr.
Rhodes, what can they find if they follow you, sir?
Just me.
I have everything I do.
I put out on Twitter.
I did put a link.
I did tweet out a link to the to the U.
X.
Substack, which which I think Matt’s been sending these things out via email and they’ve been very useful for me.
So I really do encourage anybody that’s even got a passing interest in V stocks to take a look at what they’re putting up there.
And then the the Focus Day, those videos are up there as well.
In fact, it’s always weird when you open a new website and your face is right there looking at you.
But that’s that’s what’s at the top of it right now.
There you go.
Listen, there’s get a face full of Russell when you head on over.
Oh, my God.
You should be checking.
I put the link in our chat.
We will tweet it out after the show for the full webinar day as well.
A whole day of V stocks, a whole day of Mr.
Doctor V stocks holding court out there and all those all those sessions.
Good stuff.
I’m looking forward to checking it out myself.
So you should be checking it out.
Listeners, speaking of checking things out, if you want more analysis like this heading into the big day next week, guess what?
We’re coming back with a whole bunch of special guests to talk you off the ledge, give you some non biased, non political, just straight down the middle fun analysis of what’s going on over there all throughout election night.
We’ll be talking markets.
We’ll be talking all sorts of fun.
If your candidate is losing, we’ll talk you off the ledge.
If you’re winning, you can come have fun, whatever the case may be.
Should be a good time.
If past is prologue, these have been interesting.
Also a lot of surprises pop off during these.
So make sure you check it out.
We will be going live at, I believe, 6 p.m. central.
So an hour before when the polls close here in Chi town and then we’ll be going for till my voice dies.
Pretty much listeners.
Hopefully by the end of that, we will know what the hell is going on.
But if Russell’s prediction is to be believed, perhaps not.
But intriguing stuff.
Join us for that.
If you want to have a good time, then of course, we’ll be back next Friday.
Who knows what’s in store for us listeners on the next episode of volatility views.
Stay safe out there, everybody.
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