On this episode Mark is joined by:
- Mark Sebastian, The Option Pit
- Russell Rhoads, Kelley School of Business – Indiana University
- Zed Francis, Convexitas
They discuss:
- The latest in the volatility markets in the US
- The international volatility market (VSTOXX) & the surprising spread between VSTOXX and VIX
- Interesting trading activity and developments in VSTOXX, VIX, SVIX, UVIX, UVXY and VXX
- Volatility in the markets post election and the eerily similarities between 2016 and 2024 VIX term structure
- The VIX trade that Russell Rhoads called the smartest weekly trade that he’s ever seen
- Their Crystal Ball predictions for VIX and VSTOXX
- and much more…
Brought to you by Eurex and Public.com
TRANSCRIPT
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Welcome to Volatility Views, the premier program for volatility traders.
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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.
It is Friday, the Friday of election week.
We’re all here.
We all survived.
Somehow we collectively all survived, listeners.
No torches and pitchforks.
No crazy disputed elections.
One thing we all hoped for at the end of the day, whatever the outcome was, that we would at least know what it was by the showtime at the end of the week, and that is indeed the case.
That is at least a good thing.
Whatever you think of the outcome, at least we know what it is.
My name, of course, Mark Longo from theoptionsinsider.com, as well as from the network upon which all of you folks have been binging.
Hope you enjoyed the mega binge that we did Tuesday, and I’m surprised I have any voice left.
I’m going to be talking to you again.
The Volviews audience.
I know there’s a dedicated hardcore group.
You just mainline the Volviews.
If you’re doing that, you missed that, too, because that’s on the network feed now, as well.
Talked a lot of Vol.
It was almost four hours of Vol talk.
That’s like a four-hour Volviews you got just for fun this week.
Make sure you check that out again, the full network feed.
Just go get it wherever you get in this show.
Makes your life a lot easier.
You got a whole bunch of cool shows.
We talked VIX on everything this week.
Talked it on the futures rundown.
Vol and VIX was inescapable this week, so if you like your Vol fix, you’ve got to be checking out the full network.
And of course, if you want to come back after Volviews, a little bit of oddities action, you know where to go.
Theoptionsinsider.com/pro.
We had some fun giveaways on that pro livestream, I’m going to say.
So if you stick along to the end of that, maybe you get some money in your pocket.
That’s all I’m saying.
They might still be live.
So get over there to the feed after you listen to this.
Listen to the full four hours, and at the end there, you’ll have some fun treats, maybe some money in your back pocket for a rainy day.
But I digress.
Let’s go around the horn now and see who’s joining us on the old Volviews program today.
First, let’s go out to the Southern Volatility Mecca known as Austin, where we are joined once again by the greasiest of meatballs, Mr.
Mark Sebastian.
Mr.
Meatball, welcome back to the show.
How did your election week go, sir?
Well, I believe last week, what did I say at the end of the show last week, Mark?
I said everything was going to be fine.
It’s going to be orderly.
We’ll know who won the next day and vol’s going to collapse.
And what happened, Mark?
You were looking at 1441.
See, pretty good right now.
I didn’t have to use palindromes for all of my vol guesses.
But who did that?
That was of your own making.
You’re in a prison of your own design, sir.
And I know, I know we we all make our own boxes sometime.
We got a whole show to go.
Mine is one of the palindromes.
But yeah, I mean, vol vol is collapsing.
The S&P is trying.
It is tried to bump it to break six thousand twice so far today.
I’m interested to see if it finally breaks through here in the while we’re on the show.
All right.
We shall see.
And also joining us holding down the year X hot seat this week, double duty twice in two weeks.
We caught him on the advisors option last week.
Joining us on the year X hot seat this week, Mr.
Zed Francis from convexitas.
Zed, welcome back to volatility view, sir.
Yeah, thanks for having me.
I was going to say, do we all have our spooze six thousand hats so we can put them on sometime during the show?
I was just at the SIBO recording one of our shows yesterday with our buddy, Mr.
Henry Schwartz.
He was talking about how they printed not that long ago, he thought, at trade alert to Dow 13000 hats.
That was a big deal.
And, yeah, we are we are well past all those levels now.
So just a little bit of a frame of reference and also joining us from I’m not sure I think from the hinterlands of Chicago, I think his voice has recovered.
He was my Joan River.
So he was drinking heavily and smoking heavily during our four hour election night extravaganza.
Of course, I’m talking about Mr.
Russell Rhodes now holding court over there at the Kelly School of Business.
Mr.
Rhodes, welcome back to the show.
Have you recovered from the election?
Nice spectacular.
Should I have recovered?
I have been mentioning that we did the Kelly School does this thing called a futurecast where we run around the state and we talk about what we think is going to happen in the stock market, etc.
Since the election, I’ve done three presentations associated with that.
And I speak to you at this very moment from the studios of WFIU, the NPR station at the Indiana University.
That’s why you sound a little bit.
I sound pro.
And you also have that little kind of hushed NPR tone to your voice.
It was kind of funny when I first put the headphones on, my voice automatically changed to NPR like greetings from NPR producers in here kind of laughing at me on that one as he cares down from the previous show.
Yeah, we’re going it’s like it’s like a Black Hawks afternoon game Bulls night game here in the studio.
We’re doing the quick switch over.
Switch over to a little bit of all talk.
So let’s get rolling listeners.
It is time for 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.
Welcome to the volatility review, the portion of the show where we do just that.
We break down what’s lighten up our tape here to end the week.
And as I mentioned, we’re kind of in that green.
We are just just kissing, just kissing that six K can’t quite get there.
We’ll see if we tick.
We’re like a handle and a half away as we kicked off the show.
So yeah, they are they are flirting with it.
What have we just immediately turned around and just sold off just in anordinate amount right before we hit that level.
That would be pretty darn crazy.
But we’ve seen wilder things right now.
There’s the NASDAQ kind of trying to break up all the fun.
It’s kind of unched out there right now, but it’s been it’s been to the dark side for quite a bit out there today.
Now managing to tick green.
We’ll see if it could if it could maintain this out there.
That’s a P like we said, threatening threatening the six K level up nearly half a percent about point four or five percent.
If it gets to half a percent, it will be north of six K.
So we shall see.
And the Dow that the Flowmaster was just celebrating 13 K on his hats not too long ago.
Forty three, almost forty four thousand now up about six tenths of a percent and our old pal small caps up about a third of a percent.
Of course, you know, this is not the extent of the rally we’ve been seeing.
We’ve been seeing pretty much not but green on the screen almost all week.
The relief rally, quote unquote, really started before the event itself.
It started on Monday or see me on Tuesday.
So a very aggressive rally leading into the election, which was kind of weird.
We don’t normally see that before the event itself.
We see madness in the overnight.
Next day we usually see some sort of movement in one direction or the other.
But leading into the event, a pretty aggressive rally, that was kind of surprising.
Then of course, after the event itself, when we actually knew a decided outcome, the market just took off to the races, continue that narrative yesterday and seems to be continuing that today.
So a lot of green on the screen unless you’re on the valve front listeners and it has been all read all the time.
Vol apocalypse, volmageddon, call it what you will.
They are coming for this vol right now.
Dear I say it, getting some shades, some inklings of when Trump took office back in 2017 and Vicks went to die.
We have Vicks down nearly seven handles from our last show.
Listeners six and three quarters handles.
It’ll probably be more than seven by the time the show is over.
We had about a 15 even when we kicked off the show.
That puts us down again, nearly seven handles, six and three quarters handles.
When’s the last time we said Vicks dropped seven handles from show to show?
It’s been a while.
So yeah, let’s hope, let’s hope this is not the trend.
We can go a little bit lower if we want.
Of course, we got some seasonality coming up at us in about a month or so.
So we’ll probably plumb some lower depths, but I don’t think anyone wants to repeat of 2017 was, excuse me, when we went down to nine and then kind of sat there and vol went to die.
That was no bueno for anybody.
So let’s hope we got a nice little downside run here for a bit, but we also have some still some spice, still some life here in the bottom.
I know I sure as hell don’t want to host a ball show again for a year where Vicks is at nine.
Talk about testing my hosting skills.
Not a lot to talk about when Vicks is hanging out at nine for a year.
Listen, if I sound a little a little focused on that, I still have PTSD from 2017.
Anyone who was in the ball market that year probably does as well.
Vvicks 88 down about 30 points.
My goodness, they are coming for vol. 30 handles from where we were this time last year.
Let’s go around the horn.
Let’s start with our guest holding down the U-Rex hot seat.
Zeb, we talked to a lot of people on election night, but we didn’t get a chance to get your perspective.
Let’s start there.
What were your thoughts on how all this played out leading into the election markets rally involved coming in a little bit.
And then of course, the fact that we had such a clear and decisive result so quickly, them really just just taken vol to the woodset as a result.
So what are your thoughts?
I mean, I think the one clear thing going into the election is that vol was just way too darn high.
And we all know why, like there was the event and we had to get through the event.
But even with the known event on the calendar, it was just way too high.
And not only was it way too high, skew is way too steep.
So out of the money puts were very, very expensive relative to at the money options and slightly out of the money calls.
So the wings, if you will, were even more expensive than even the close to the money stuff being too darn expensive.
And coming into the event, you know, we were kind of realizing like mid nines to about a 10 and historically you should have about a 15 ish percent vol premium over a realized.
And so, you know, if you attend realized volatility, that means you should really have a 11 and a half implied volatility.
And what do you know?
Right now, one month at the money options in the S&P 500 are about 11 and a half.
So we completely reset to about what you should be if you just blackout the last week that’s taken place.
You’re killing me, Zed.
I’m getting flashbacks of a nine handle and VIX.
You’re not doing much to assuage my fears here.
So supposed to tell me we got a nice vol spike that is imminent, but doesn’t sound like it’s not like that’s the case.
All right.
Let’s keep going around the horn.
Let’s go out to the Southern volatility Mecca.
Mr.
Meatball, we had the rock lobster on.
He joined our cavalcade of stars there on Tuesday, but we didn’t get a chance to chat with you.
So let’s start there.
What were your thoughts?
Like I said, rally involved kind of softening a bit into the event itself and then just obviously falling off a cliff as a result.
What were your thoughts as all this played out?
And then what else is catching your eye in the ball market this week?
You know, yeah, I mean, you pretty much I was surprised how strong we rallied on Wednesday.
I know it was a relief rally, but that was even bigger than what I was expecting.
I thought we would be up.
Um, I, you know, kind of everything I was looking for happened, right?
We’ve got the vol VIX below four 15.
I, you know, if it was shocking and I’m going to share this with you guys, um, that I think you, I’m going to share this in, uh, in chat.
I think you guys will appreciate this.
So this, I took, uh, two pictures.
Let me, let me cut this.
So this is the VIX futures curve three days before the election.
And then the VIX futures curve on the Thursday following the election.
And Mark, you can share this with your, your listeners if you’d like as well.
Um, however you’d like to do it.
Um, what is fascinating is how crazy the similarity is between 2016 and 2024.
They’re almost like spitting images.
Check that out.
It’s like fricking and Russell, it’s crazy.
Um, they were like mirror this VIX in 2016, a little over 22 front month future 1940 VIX after, uh, you know, we didn’t have the fed.
So this was taken before the fed was announced, but VIX 14 VIX future 1540, uh, next, uh, VIX 15 and 15 and a quarter VIX future 1555.
This played out almost to the T in terms of the fall markets as 2016 did.
It was absolutely crazy.
I’m looking at it right now.
Listen, as we’ll tweet it out for you so you can see, by the way, my favorite part of this chart, Mark, is that you scrawled the dates on top of what looks like a toddler’s crayon.
I love it.
It looks good.
That’s my, you know, I was doing it.
I was doing this live in a room and I wanted to, I got the idea to do them side by side last minute.
Otherwise I would have prepped this a little more.
It looks great.
It looks like I wrote, which makes me happy.
You know, feel free to have your graphics team make that look pretty like we’ll jazz it up just for you.
But I thought that was funny.
Speaking of jazzing up, by the way, Mr.
Meatball, I’m not down with this at all, but our chat is saying you should get a vol metal for your prediction.
I was like, they’re getting way ahead of the game here.
Let’s get to the crystal ball.
Let’s see if you win first.
And then we could talk about some sort of trophy, some vol metal for look at that.
You got what do you got?
You got your mom in the chat today, sir.
What’s going on?
I don’t get it.
I don’t get it.
All right.
Let’s keep rolling.
They’re champion, which is Mark S Sebastian.
Palindromic master of all things.
Well, things of all.
I love how you lament the palindromic thing that you are, quote unquote, forced to do.
Yet it was it was by your own design that you have forced yourself into this box now.
So that is that does crack me up.
All right.
Let’s keep on rolling.
Let’s go out to Mr.
Rhodes, who’s beaming in with his hushed tones from the NPR studio.
Mr.
Rhodes, can we get some fresh air on volatility, sir?
Yeah, it’s funny.
Mark was talking about how how we had a repeat.
I’m sitting here working on a chart to do when we did the Tuesday night thing.
I tweeted out at one point when we had a little bit of a lull talking about what happened in 2016 and that whole overnight price action.
I’m putting together a chart that I’m going to overlay that shows the overnight price action and the S&P futures and the November VIX futures and how different it was this time around where we viewed.
I mean, basically we did a whole year of volatility and market performance in an overnight on the election in 2016.
And it was like a lot more orderly this time around, where as we as we saw the the the the trends just looking like Trump was going to win the thing.
You saw VIX starting to hit lower levels and you saw the S&P is going up.
I was I was kind of expecting at least a little bit of Ziggy, zaggy volatility election night.
You know, maybe there would be an indication where one person was ahead and then the other person was ahead.
Maybe that’s me spending years watching the networks try to make drama out of this thing when it could have been called much earlier and much more straightforward.
I’m used to the election drama and we just didn’t get it this time around.
Yeah, I was kind of looking during our four hour extravaganza for, you know, the futures that have a little bit of action out there, maybe some whipsaw action, we never really saw it.
We saw mostly one sided traffic on the binaries.
So yeah, it was it was surprisingly one sided.
And obviously the outcome reflected that.
So yeah, very, very interesting stuff.
Indeed, the listeners and we’ll tweet out that chart for you.
If you want to see, we’ll probably put it in the chat too so you folks can see it there.
Speaking of charts, let’s get out to the charts of the vol surface as it stands right now, not back in 2016 or even right before the election right now.
And spoiler alert, listeners, stop me if you heard this one.
We are down.
We are lower than we were at this time a week ago.
This time a week ago, I’m looking right now.
It’s like our our term structure going all the way out till July of next year.
We topped out at we actually hit in the Nov the front future was exactly a 20 a 20 point oh oh, which is kind of rare.
We don’t see round numbers too often out there.
And the July future was almost exactly there as well as that in 1995.
So we were kissing a 20 a couple of different times across the board.
And obviously the cash was well north of that nearly a 22 a fast forward to this week.
And we are we are much lower.
The cash much lower, but also that no future which was at a 20 even last week.
Now 1545 obviously puts it down four and a half four and a half points on the week out here four point five five to be precise listeners and the D future, which was a little bit north and 19 now down to a 1580.
It puts us down about three point three points on the week out there as well.
And of course you go all the way out to July of next year.
We were kissing a 20 handle this week still for all the are still richer, still juicier, but at an 1815 right now, that’s also all she wrote for upside out here on the wall surface right now, at least for this near term snapshot that we have here.
So we’ll start with you, Zed.
First off, what are your thoughts on what Mark was just putting down there about the kind of eerie similarities between 2016 and 2024 in the ball surface and then be fast forwarding to now what’s catching your eye in a mostly lower term structure?
Yeah, no, I think the shift in the ball surface just absolutely makes sense because we had the event and the remaining events that we have coming up in the near term are pretty darn limited.
I mean, we’re going to probably start getting leaking of potentially policy changes, all that kind of thing, but we’re not going to get the meat of that until we get into the next year.
So what does 2024 have left in it?
And FOMC meeting in December, it’s probably going to be a snoozer just like yesterday.
Maybe the rates market stirs up a little bit of a scare, but it was just pulling up right here is 10 year treasuries are exactly where they were on Monday close, no fourth.
So we had that little OGs, like this is going to mean inflation, and then instantly like, maybe there’s some, I don’t know, deregulation.
So it’s not going to be inflationary.
So rates are completely unchanged essentially on the week.
So that’s at the moment, not going to disrupt anything going on.
And the only thing I really have circled on my calendar is a known thing to watch out for is good old Nvidia.
Like that might come back into the conversation on the 20th of this month.
But for right now, we kind of have limited events until we kind of get the changing of the guard.
And so what’s happened to the ball service really looks like the nothing in front of us.
You know, we have a little bit of risk premium out in the future.
The ball service looks very correct.
How crazy is that we had not just the election this week, but a Fed decision and you would never have known yesterday.
We talked about a nothing burger.
I was I was in the heart of the SIBO recording our show yesterday.
And then right after, right as the decision was imminent, you would never know there were no screens with Fed decision.
Everyone’s hanging around their barista cafe.
They’re drinking coffee, chatting it up.
Nothing even telling you that a Fed decision was imminent like it usually is.
So just a very different vibe, obviously coming off the heels of the big event, the big inflection point.
Everyone was watching that the Fed decision coming in the way that it did pretty much in line with expectations, just a total nothing burger there, listeners.
So yeah, very interesting stuff.
Mr.
Rhodes, what are your thoughts?
What we’re seeing out there right now this week, sir.
And also the fact that the Fed just just a complete nothing burger this week.
So I think the most important or the headline that stuck with me with respect to Powell was when he said that by law, Trump can’t fire him.
I think it’s a dramatic thing that came out of that.
That was kind of interesting.
Yeah.
Didn’t Trump say he wanted to he wanted to put himself or one of his maybe his Treasury Secretary on the Federal Reserve.
Didn’t he say that during one of his campaigns?
He probably knows.
Well, I’m really as far as as I think one of the other guy working on my chart, so I don’t know who said what, but I’m kind of in a wait and see mode as far as was he really going to do?
What’s you know, is there going to be some sort of reality that maybe sets in and he realizes that blanket tariffs on China is not a good idea.
He’s going to scale back some of these things.
He’s not been like that in the past.
And I admit that that he’s one of the few politicians that does everything that he says he’s going to do.
But you know, hopefully some of what he was saying was rhetoric.
We’re just going to have to watch what’s going on.
And honestly, I’m not going to make any big investment decisions until after he gets in there.
And he’s been in there for a few days.
I’m just going to cash.
Don’t lose money that cash doesn’t go down that much or lose some purchasing power, but whatever.
But I’m going to sideline it for a little while and then then try to get an idea as to what the best thing to do with him and power is.
If ever there was a president who would do something as audacious as mess with the Fed structure and had the mandate and the two houses of Congress to do it, it would be now with Trump.
So yeah, it’s certainly certainly potentially interesting times ahead of the questions that were coming at Powell, Fast and Furious.
You know, will you step down all early?
All these things, if there are any indication, it’s probably going to be some some turmoil at exactly what role the Fed will play in the future.
So interesting.
I know presidents have kind of griped about that for a while, having this effectively external third party dictating such a large part of the economy.
They like to take credit for the economy whenever possible.
They like to have a little bit more fingers on the wheel on the control.
So I wouldn’t put it past him to make a try to do something like that.
So I guess we’ll see.
The first two years will be very, very, very interesting to watch from that perspective.
Mr.
Meatball, sir, the last word is yours.
You kind of just tweeted out your chart about 2016 versus 2024.
Anything else catching your eye on the ball surface as it’s shaping up right now?
And what are your thoughts on the Fed kind of coming and going with the whimper, sir?
Yeah, I mean, I wasn’t surprised.
I think they were pricing in a 99 percent certainty what they were going to do.
And, you know, it looks like they’re going to lower again in December and then wait and see on January.
I was actually were you were you.
I was taken aback when they asked that question.
I thought it was it was funny, but I guess it’s relevant.
But yeah, no, Trump cannot fire him.
But I believe he can be removed by Congress is my understanding.
But it would have to be an impeachment is my understanding.
I think I don’t know all the rules, but it’s a little a little funky.
His term ends in 2026.
People forget Trump was the one that put him in the office.
So I can’t imagine they hate each other that much.
I think, you know, Trump and Trump’s just I think there’ll be less fireworks than people think when it comes to the Federal Reserve.
The surface itself, I think there’s still some room for the VIX itself to drop.
We know I know we’re going to talk about option order flow, but there are some anticipation for some continued pressure on volatility and the ball surface.
And I would expect that to continue.
I’m reading here the latest up to the minute analysis.
They say no president has ever attempted to remove a Federal Reserve chairman from their role before.
So the authority to do that has never been legally tested.
So I don’t know if we know the precise legal minutia for Trump to kick Powell to the curb.
But yeah, interesting, interesting stuff out there.
Let’s see.
Let’s see if the interesting vol continued beyond our shores.
Listeners, 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.urox.com/dollars.
All right, listeners, let’s get out there to the international vol landscape.
By the way, if you listen to our mega election night extravaganza, we did have some of the international perspective beaming in from Europe as well.
And they were obviously very attuned to our election at the time.
And it obviously has very clear cut ramifications for them these days, even more so than perhaps usual with everything going on in Ukraine being very much real and very much on their doorstep right now.
And a lot of people having questions about how that will play out going forward.
If you’re having questions about how V Stocks played out this week, spoiler alert, it is much lower down closing this morning right around 16 and three quarters, 1677.
That puts it down a little over four points, about 4.11 points and where it was this time last week.
Now, it’s still got a ways to go to kiss that 52 week low it set last December.
But then again, if what Zed was saying earlier about not really many catalysts between now and early next year, we could be kissing that 12 handle again in the middle of December.
Let’s keep it in vol elevated in mid December.
I ask you listeners, this was exactly middle of December last year, December 15th, when we hit that low.
So if we’re going to threaten it, it’s not that far away anymore. 1677 to 1212.
Nowhere near as lofty of a move as it was even a week ago.
Listen, remember that high, of course, August 5th 3116 very much in the rare view mirror right now.
Mr.
Rhodes, we did talk international vol a bit on the special this week, which is always kind of fun to get some different perspectives on how the vol landscape is shaping up.
But obviously V Stocks not immune to this downward gravitational pull that is sucking all the ball down this week.
What caught your eye on the V stocks front this week, sir?
The December January relationship got more extreme.
I’m going to talk about something that’s not necessarily election related.
But the December dip, it’s a buck 25 lower than January now.
That’s pretty darn dramatic.
And we had just talked about looking at V stocks and looking at that relationship, and then taking a look at how it’s playing out in the US.
It was about 20, 25 cents last week.
Now that’s an 85 cent discount.
So they’re both returning to some sort of normalcy with respect to it.
It’s like everything where it’s like this was an earnings announcement where the announcement happened and we have moved on a day later to what are we worried about the Fed doing and what’s the economy going to look like next year, etc.
That we really are looking beyond a lot of anticipated risks that did not come to fruition on Tuesday night, Wednesday morning.
And thank God they didn’t.
Thank God that we did.
I really think we showed the best side of ourselves as a country by coming together, having an election, agreeing to disagree and not seeing some of the goofiness in the bigger cities that we’ve seen in the past.
I’m hoping this is maybe the craziness that we all acquired during COVID has finally started to subside and we’re all going to act like normal people once again.
And if we’re all going to act like normal people again, that should result in lower volatility.
I’m going to steal one that we had in our internal chat.
We did flip around.
It’s the first time that VIX has been lower than D-Stocks in some time.
And that’s how things are supposed to normally be.
So we’re back where we want to be.
There may still be an opportunity to maybe buy D-Stocks, short-janned V-Stocks and do the opposite in VIX.
Because it’s probably not as attractive as it has been, but I do still feel like our December dip has a little ways to go.
Maybe once we get past a couple of other uncertainties or major economic numbers in November, that that relationship should spread out even more.
Russell I have breaking news.
The S&P 500 just broke 6,000.
We’re currently trading 6,001 spot six, spot seven.
The Russell 3000, excuse me, the S&P 500 has officially broken 6,000.
Do you remember what the intraday low was for it back in 2008?
It was 666.
So I’m not getting excited until we’re at 6,666.66.
Yes, there we go.
All the sixes.
I want 11% from here.
Wherever uncle Mike is right now, he’s shouting into the wind that there’s ever been a better time to sell the S&P than right now.
Shaking his fist at a cloud.
Oh man, Jake’s his fist at a cloud.
Yes, that is indeed the case.
Zed, same question for you, sir.
What are your thoughts?
In particular for you, I know you watched that VIX V-Stocks relationship like a lot of people do.
Russell was just saying, we’re kind of in that, that rarefied era again, where we’re seeing VIX tilting substantially lower than V-Stocks right now.
What are your thoughts on how that relationship is shaken up, sir?
Yeah.
I think the current spread between VIX and V-Stocks makes a lot of sense.
And I think it’s going to maintain that course until again, we get more clarity, what the heck we’re doing here in the US.
And that might seem a little funny that what uncertainty in terms of policy in the US is causing a spread where the US has lower risk than Europe in this instance.
But we have such a great effect on what is going to drive the bus over internationally, especially in the EU.
So I think there’s actually less clarity on what things are going to look like two years from now in Europe than it necessarily is here in the US.
And because of that, I think we’re going to maintain this spread until that clarity kind of comes to fruition in the next couple of quarters.
So I would expect this spread to be maintained until we get to kind of Q2 next year.
How big of an effect do you think the kind of upheaval in Germany’s political, the kind of crackdown there is having on V-Stocks?
No, I think that’s part of those inputs.
And if the US is, we’ll say, helping folks lean into those types of predicaments and as more countries possibly think similar to what kind of support they’re going to get going forward, I think it could definitely lead to more chaos in Europe than here.
We certainly have seen some chaos in Europe in the past.
Hopefully we don’t see a repeat of that as we keep on rolling our gaze back to the domestic front listeners.
And after kind of a banger week out here, no surprise.
I mean, you had two extreme catalysts this week and a presidential election.
And of course, the Fed coming back to back, you expect it to be a banger week on the VIX options front.
And it pretty much was the case multiple days every day, pretty much with the exception of today, over 1 million contracts out there.
Listen, so an explosive week on the volume from trying to think the last time we saw pretty much every day of the week with the exception of Friday, over a million contracts.
It really requires some sort of major catalyst like this to really lift things like that into high gear today.
Looking decent 487,000 contracts on the tape.
So closing in on half a million right now obviously looks like compared to what we’ve seen so far this week.
But you know, the session is young.
We just hit 6k.
Maybe that’ll spur the next wave of flow out there.
The ADV looking frothy again, 837 up 91,000 contracts from where it was this time a week ago.
Now if past is prologue, it’s going to be hard to sustain that, especially heading into the typically quiet Thanksgiving and December timeframe.
But you know, we shall see maybe we were threatening a million contracts a day in the dog days of summer.
So take the rule book these days, listen as a just throw it out the window.
If you’re looking at VIX right now from a top 10 perspective, you’re seeing a lot of puts out there.
Surprise, surprise.
This is one of the few times again, an aberrant week listeners, one of the few times you’re seeing puts dominating calls in the top 10 out there.
If you’ve been listening to this show for any length of time, you know, that’s a fairly abnormal development out there.
And that is pretty much what we’re seeing right now puts six to four over calls in our top 10.
So if you’re a put fan out there, enjoy it.
It doesn’t come around very often listeners also cost you 235,000 contracts to break into the top 10 this week.
That is pretty steep.
That shows you VIX has been lightening it up this week.
That number 10 spot gets you to the no 19s.
No joy for those, at least for right now, but there’s still some life left in them.
Number nine, our first of many puts this week listeners 243,000 of the DS 15 puts.
I’m trying to remember if it was these, I think it was a 13 puts we were talking about where maybe those seem like a bridge too far.
We were saying just last week.
I think I was saying that.
So those look a hell of a lot better now.
Obviously 13 puts listeners, number eight, 269,000 of the no 35 calls for number eight, number seven, 276,000 of the no 17 puts spoiler alert.
Those look pretty good.
I had a few of those myself this week.
Number six, 288,000 of the no 40s for O’s a number five, 300,000 pretty much exactly of the no 20s.
So it looks like some no vertical action.
And then pretty much all the rest of our business listeners all puts all the time.
Number four, 307,000 of the no 16 puts.
Number three, 360,000 of the DS 13 puts here they are was the 13 puts.
So not only have they not taken those off listeners, they have added some number two, 394,000 of the Nova 14 puts and the big dog with the bullet this week, 539,000 of the Nova 15 puts.
Yes listeners half a million puts dominating our top 10 in VIX options.
Just let that sink in for a while.
All you VIX puts defense force out there.
Just enjoy it this week because it doesn’t come around very often when puts are just running the show out here.
And speaking of running the show, he’s my Joan Rivers.
So I’m legally obligated to toss to him now for a little bit of a Russell’s weekly rundown.
Now, Russell’s weekly rundown.
Now, Russell’s weekly rundown.
All right, sir.
I love how we keep going with the Joan Rivers reference just cutting edge and timely.
If ever there was once needed week last weekend, in the, in the weeklies.
That’s all I can say about that.
Let me, let me take a ton of this.
There you go.
Yeah, it’s about as much as I can do a Joan Rivers.
It was kind of, there wasn’t a whole lot of weekly action on Thursday and Friday.
It was all Monday, Tuesday, Wednesday.
So I’ve got, you know, as always got trades I like, trades I don’t like.
The one trade that I like, and you guys will figure out the reason I like it, Monday with VIX at 2188.
Somebody bought 420 of the November 13th, 24 calls at 95 cents and sold 420 of the 29 calls at 52 cents.
And that cost of 43 cents, that thing I haven’t checked, but I’m pretty certain it doesn’t have a whole lot of value.
They do still have that position on, but you gotta love, are we going to call that?
Yeah, I’m trying to think of it.
If we start seeing a bunch of 420 lots, is that like a 50 cent reference?
Dr.
Vicks good.
I don’t know.
Snoop Vixie dog.
I don’t know.
I’m just trying to come up with, I’ve been trying all morning to come up with something that incorporates something that is 420 oriented along with VIX and I’m coming up with nothing, but that’s why we have the chat.
Yesterday, I’m sorry, Tuesday, Tuesday, Tuesday, somebody did come in.
I really like this trade.
This might be one of the smartest weeklies trades I’ve ever seen.
So late Tuesday, somebody came in and I’ve said, I’ve sat here in front of this laptop and said, if you’re going to play the election, don’t use the November 6th.
The use of November 13th and boy was I wrong about that, but unless you were playing for a crush, but somebody came in Tuesday and they bought the VIX November 6th, 21 calls for 50 cents.
This was an opening position and they sold 122 and they did that for 50 cents.
They sold 122.
They bought 122 sold 122 of the VIX November 13th, 26 calls for 52 cents.
So if we had gotten the ball event and those 21 calls had paid off, you know, VIX had gone to 23, 24 and that was what the Wednesday settlement ended up being.
I think they would have made money.
I think it would have turned out okay.
What ended up happening was both options have no value whatsoever and they put it on for a two cent credit and that’s what they’re stuck with.
But I think that was a really smart trade.
That was the smartest.
That’s interesting.
That’s the smartest weekly trade you’ve ever seen, not people who’ve made.
I like that because if the election had turned into a volatility event, Wednesday settlement may have been some ridiculously astronomical number and owning those 21 calls that expired, you would have made some money off of those.
If VIX went to 40, for instance, it’s very possible that the short 26 calls that still had a week to go, that they would have a lower value than the 21 strike calls that were purchased.
There’s a five point spread between those two.
But additionally, volatility spikes.
So if we got the volatility spike, you get the cash settlement on that option that you own and then maybe you do something to turn those short 26 calls into some sort of bear call spread or something along those lines.
But I just think it really makes an awful lot of sense.
They were able to put it on for a credit and the worst case scenario on this trade really is that VIX had a volatility dump like we did.
But if by chance we had gotten the sort of price action that we saw when Trump was elected the first time, you probably would have had an opportunity to monetize that long position and do something to hedge that short position or be a little patient and wait for volatility to come back down over the next week.
So I just I like that trade an awful lot.
I thought that was a I like when I when I look at something and I realize my back into what I think they were doing and I was like, that was a really good idea.
So hats off to whoever did that trade.
By the way, Wednesday, the VRO, the VIX settlement was 1551.
That’s what we came in.
It’s not long it’s been since we had a sub 16 VIX settlement.
Three months.
It’s weeks.
OK.
I thought I thought it would be in the first half of the year.
But back the last settlement in September was a little bit lower than 1550.
Somebody did put on an exit trade.
This is a trade that I I think I had talked about before where somebody was selling the somebody sold the November 13th 19 puts and purchased the November 18th.
I’m sorry.
Yeah.
The November 13th 18 puts.
They did that trade for 54 cents about a week ago.
They got out of it on Wednesday for a at a cost of 97 cents.
I feel like at that point if you’re going to exit the trade at 97 cents and the options have another week I would have left the freaking thing on at least through the Fed or maybe I just would have you got three cents there.
That’s all that’s all you say by getting out of the trade early.
Settlement would have been a buck.
So I think I would have I would have stuck with that trade even though it was a bad trade.
Generally you’re supposed to get out of trades when they don’t work.
But in this case you know what’s the difference of three cents with a lottery ticket that something happens this coming weekend.
Yeah.
You know I tend to concur.
Also interesting that we settled so low.
You’re right.
On on VIX this week I had some like I said at some 17 puts in my back pocket.
They were one week beyond which was the way we had kind of been counseling people to go to the election.
Don’t obviously do it this week but it turned out you could have worked out decently even this week which is kind of I was thinking heading into the election maybe I was being optimistic only going a week out.
Maybe I needed to go a little bit farther out a few weeks maybe a month but it turned out no one needed to.
You just you were good to go the next the next day which is kind of fascinating.
Let’s run through some of this paper here listeners are already starting to come against them and that’s what happened.
We need I think we need like a three hour show on when we have a presidential elections.
Oh wait we did that this week called our election night special.
Go check it out.
Listen today like we said closing in on a half a million contracts right now the big dog today.
One hundred and two thousand of the 13 half puts they’re trading for.
It’s like around a dime most of the day here listeners.
So I guess if you still want some some no puts these are expiring on the 20th and you think there’s more downside to come you can get all you want for a dime to nine cents.
At least you could right before the show here.
So that could probably be taking some of these off but we shall see like those.
Listen you think there’s more death of all the come then maybe these no 13 half puts are your huckleberry for a dime number two right behind it eighty thousand because of course it is it’s Vicks the June 42 half.
All those bad boys are open and so here we go right back at it listeners.
I love it.
It looks like we have the June 21 against that 20 thousand times.
So the one by four is back.
Twenty one forty two half listeners.
I don’t have time to pull up the prices on that.
You can go check for yourselves but they’ve been liking those one by fours one by five to the upside for a while.
Looks like taking the opportunity to reset and add some more out there.
Thursday the big dog one point three million hundred and twenty eight thousand was our big boy.
That was the no 15 puts again expiring on the 20th and eighty thousand for number two of the 16 puts seventy four thousand for number three of the 14 puts in December number four seventy one thousand of the 14 puts in November and just for fun because why not 60 K for number five of the April 42 half’s Wednesday one point six two million contracts on the tape.
I wonder why listeners the big dog on a post election Wednesday my huckleberry here one hundred fifty four thousand of the nove 17 puts.
This was gangbusters on the 17 puts about number two seventy five thousand of the no 15 puts number three sixty seven thousand of the no 16 puts number four fifty nine thousand of the no 14 puts.
We know for a fact that those were at least closing.
I have to imagine a lot of this paper was closing listeners and number five fifty four thousand of the no 20 puts Tuesday heading into the event itself about one point one million contracts on the tape.
The big dog though a lot lighter sixty four thousand of the no 16 puts.
Those were up on the bid so maybe someone was bailing on them or maybe they were they were drawing a bit of a line in the sand for some vol implosion.
Either way sixty four thousand of those bad boys followed by number three sixty three thousand of the no 15 puts.
So it is possible it’s like they were probably buying the 15 puts and maybe they did a bit of a roll in which case that would be strange but we’ve seen weirder things right on the day of the event itself.
Number three why would you roll down the 16 puts but hey still that’d be forty nine thousand of the nove 25 so number three number four forty three thousand of the no 14 puts and thirty eight thousand of number five of the no 18 puts.
Monday no slouch man we had some bangers on Monday including we asked you about these.
This was our question of the week the no 15 puts they put up a big block of a hundred thousand for eighty five cents they did a total of over a quarter a million so that was clearly the option du jour.
We asked you folks that you were a buyer or a seller at that price eighty five cents and you folks overwhelmingly wanted to buy those bad boys.
And then number two hundred sixty one thousand of the nove 17 puts number three hundred fourteen thousand of the d 14 puts number four hundred nine hundred six thousand excuse me the no 16 puts and rounding out the top five number five ninety nine thousand of the no 13 have puts let me not speak out of term let me get your exact results right now.
Yeah the nove puts 17 puts expiring on the 20th eighty five cents two thirds of you exactly 66.7 percent wanted to buy them 33.3 percent said you wanted to sell them that would turned out to be the right do those are looking pretty good.
Mr.
Meatball I know you’re looking at a lot of VIX flow this week what in particular stood out to you sir.
Yeah I mean a lot of puts a lot of puts you know looking at just today give me a second here the biggest trade the biggest trade today is a June spread they did the one by four they bought twenty thousand of the twenty one well yeah I think they did it this way they bought twenty twenty thousand of the twenty one calls sold eighty thousand the forty two and a half’s could be the other way around and then we have buyer the no 13 and a half puts twenty five thousand times Thursday lots going on on Thursday April forty two and a half call buyer lots of nove and d puts going up the no fourteen’s the d’s fourteen’s no fifteen’s sixteen’s d’s thirteen’s these fifteen’s I mean just tons and tons of puts everybody Fadenball and you know Wednesday was maybe the most muted day biggest trade was the November thirty five calls eleven thousand times so a little little muted there Tuesday as the election was approaching lots and lots of puts I think I think there’s a theme here Mark puts puts puts puts puts lots and lots of puts going up and then Monday more of the same biggest trade was the hundred thousand of the November seventeen puts and then there was some thirteen and a half’s thirteen fifteen thirteen and a half put spread some twenty puts went up they they were all about oh you know what they sold the twenty puts at two forty four fifty thousand times to buy a hundred thousand at the seventeen so that was a roll down but yeah theme of theme of the week has been let’s let’s express our short volatility opinion via owning puts in the vault in the VIX complex hard to fault what works and I don’t want to throw shade at the doctor VIX his smartest trade he’s ever seen was a two cent credit at the end of the day I hope you to come home with more than two cents for the smartest trade he’s ever seen I get it the structure was fun but in a week like this you didn’t have to be that smart to make a decent amount of money on the vault space he just literally dust off the oldest play in the book listeners and it worked pretty well that also is reflected out here in the inverse ball front S VIX a little bit north of 28 right now 28 10 coming into the end of the show up about five point one points on the week interesting getting some volume thirty three hundred today that’s a good volume this week the ADV is up eight hundred sixty three hundred doesn’t seem like they’re gonna hit it today though interestingly enough though mr. meatball I have noticed they have added weekly options now to S VIX so hopefully that’ll start ginning up some volume out there the markets are kind of atrocious in the weeklies but hopefully they’ll tighten up I was looking at some near-at-the-money stuff and they were I think a nickel bid at a dollar ninety so good luck trading inside those but anything catching your eye in inverse vol this week mr. meatball did you kind of just mostly focus on VIX this week no I mean I was I’ve been I was accumulating the stock is over the you know as the election was approaching I was accumulating the stock I owned some of the 27 calls into the election as well because they were way way way too inexpensive and played out pretty well the way you know vol continues to flatten this thing will be back over 30 bucks in a snap I thought about going the S VIX call routes but I ended up just putting all my chips on the VIX put table at the end of the day you can’t beat the liquidity there and you know what listeners we got some other stuff to talk about in the vol ETPs I want to make sure it’s like a lot of our chat is talking about this China tariff issue so let’s get to a real quick volatility voicemail it’s time to share your thoughts and opinions with your fellow volatility traders it’s time to check the volatility voicemail make your voice heard by dialing 779 669 4 vol posting a comment on the options insider dot com sending an email to questions at the options insider dot com right or posting your questions to twitter dot com slash options or facebook dot com slash the options insider all right let’s get to it really quick because we’ll come up against it our chat’s been going back and forth all episode long about the whole issue of tariffs and their impact on vol in particular they want to know how much do you guys think vol will spike with the new round of trade war especially if we see the 60% tariff war with china a zed will start with you how much does trade wars and global geopolitics factor into your your vol analysis right now yeah no I don’t think it does anything for long-term vol analysis if you will but it definitely can start sprinkling in some new events when we actually get into the meat of it so if you think back to kind of you know summer of 2018 like you you got ran a little vol spike so I’d almost compare it to uh well we’ll say for the maybe two quarters where uh treasury new issuance became a volatility event it’ll be similar to that like you have little things that can flare up that weren’t on your calendar before that can cause you know 12-hour issues but I don’t see it as uh likely causing long-term volatility changes just some uh nice additional events on the calendar that weren’t there before mr meatball same question for you how much does the potential for a trade war with china and massive tariffs how much does that factor into your vol analysis sir yeah I I think Zed uh hit the nail on the head there um just uh if you if you want to know I think just go and replay what Zed said 20 seconds ago and that’s going to be dead that’s going to be the exact same thing all right listeners you wanted to give him a medal at the start of the show let’s see if he earned it it is time for 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 it is time for the most difficult the most dangerous some might say the most deadly portion of the show as they’re coming into the end of the show we got vix just a tick north of 15 almost 1510 let’s call it a 1507 here and then we’ve got so moving away from the meatballs prediction moving in the wrong direction for him of these stocks we already told you 1677 this week down over four about four point one one points out here this week so let’s see where does that leave us I was feeling things would still be a little spicy post election I was at a 19 and a quarter so no joy for me and a 2001 I was feeling a little bit more spice across the board I was just you know these contested elections have affected me listeners uh but no no we didn’t see any of that which is a good thing so I don’t I said last week I believe I wouldn’t mind being wrong and that is the case right now uh mr.
Rhodes he was so embarrassed by his crystal ball picks listeners that he had to go actually I think they they forced him out of the studio his npr voice was offensive to them so they kicked him out of the npr studio so hopefully we’ll get his vowel prognostication a little bit later he was at a 24 42 and a 23 32 so he stole the meatballs palindromic nonsense to uh middling effect let’s just put it uh the meatball was looking good 14 41 on vix we have moved away from that now 15 51 for v stock so no joy there and matt last week was on the show and I believe he was at an 18 for vix and a 21 75 so no joy for any of us which means zed as our guest you get to go first sir what are you feeling if you want to do both you can if you want to just do vix that’s fine as well what are you feeling for vowel next week sir yeah so I think ultimately we’re going to be heading towards that uh 12 handle that you’re afraid of but I do think that the largest company on the planet coming up reporting earnings and everybody’s favorite AI play is going to cause a little bit of uh elevation and volatility leading into next week so nothing crazy but I’ll go with vix 15 spot four eight and v stocks I’ll say where we’re just holding the line I’ll go with 16 spot eight eight and just for the record I’m not afraid of a 12 handle it’s the nine handle in vix that really really spooks me so I hope you don’t see I can hang out at 12 for a little bit but nine that’s when I start to get a little little flashbacks of uh of the 2017 Vietnam that we all live through listeners all right mr Rhodes uh he’s he’s honest he’s on assignment so we’ll see if we can get him for his pick mr meatball sir you were pretty close this week but no cigar oh what are you feeling for this time next week sir well I think the totality of my prediction was on even if my palindrome was a little bit off uh I am I think we’re going to see some continued vol deterioration um you know I think the bond ball really coming off that was my big concern has me feeling a little better uh I’m gonna go with a 13 31 all right 13 31 for mr meatball and listeners yeah I was I was not even in the zone so no vol metal for me this week listeners so take what I have to say this week with a grain of salt but you know I was right on the positioning side so I guess at the end of the day that works out even though a blind squirrel I think could have done all right on the vol front this week but outside of Russell’s schnazzy two-cent credit that he was very excited about that’s why I kicked him off the show listen that was just complete nonsense I’m just kidding all right let’s go out here to uh vix land this time next week will we continue the erosion I gotta say I was kind of thinking somewhere around the meatballs actually not the meatballs zed’s level of close to 15 and a half so I’m stuck now going last which means I have to go higher or lower to be the charitable person that I’m feeling so I’m gonna say you know I’m gonna say 15 quarter 15 25 and vix this time next week and for v stocks you know Zed Zed you’re killing me here I’m gonna say I’m gonna say 16 35 for you know I need to be better next time listeners than I get to go first all right listeners that is your vol market for this week on the vix front meatball 13 31 to the downside Zed and I hanging out pretty close to the same level 15 quarter and 15 and a half and on v stocks 16 34 for me on the low end and and Zed at 16 88 that is going to do it for us on the old volatility views program for this week but before we go mr zed if folks want to check out what you’re cooking up over there at convexitas where should they go what should they do yeah please uh find us on linkedin or over our website convexitas.com uh you know we’re here to help with portfolio construction issues and uh at market all-time highs we potentially can be even more helpful yeah we didn’t even get into the skew level so much to talk about this week but you’re right maybe skew coming back to earth maybe if you want to put some downside on take some deltas off the table maybe not the worst time to do so and maybe uh Zed and ilk could help talk you through that mr meatball same question for you if folks want to talk about maybe uh maybe some vol out there or maybe debate your vol metal where should they go what should they do yeah um you know my uh my guy frank gregory that is uh you know was a lobbyist in dc and did a bunch of other things uh he is going to be talking about the impact of um how uh how the new administration is going to affect specific stocks uh and specific industries and sectors uh in order to join you have to be a member of his newsletter uh to do that go to opship.com/power-moves and you get his newsletter and you’re you can you will be invited to his special event he’s hosting this wednesday that’s opship.com/power-moves interesting stuff we don’t talk politics too often so if you want to get a uh a lens into that listeners check them out over there opship.com the place to go and mr roads uh i’ll try to get his prediction for us listeners by the end of the day so i can get him in the crystal ball it’s like our listeners are are fading the hell out of vol we got a lot of 13 handles 14 80 14 20 coming in our chat i see a 15 handle in there as well so kind of a nice healthy range most of it to the downside as to be expected if you want to check out russell on twitter you know where to go russell 2 s’s 2 l’s r h o a d s all one word and of course you know where to go to check out all of this v stocks goodness and a whole bunch more urx.com/vstocks i was just on it before the show and russell’s webinar is up there so if you want to see the full day of all things v stocks hosted by mr dr bix/vstocks and check it out over there urx.com/vstocks it’s all there for you and while you’re checking out vol how cool is it that the folks at public coming on the old vol view show as well they said they’re ready for the big boys they said they’re ready for the vol views crew they know you folks are the hardest of the hardcore the bleeding edge the most demanding but you’re also trade a lot they’re a brand new platform on the options front i said are you sure you’re ready they’re gonna bring your their a game you better be there to match it they said yes we are ready so head on over to public.com/vv it’s probably the easiest url to promote in the history of this network public.com/vv that’s all you got to do there listeners that goes a long way towards supporting the show lets them know you’re coming from vol view so you keep getting these shows that you’ve loved for well over a decade out there it’s literally the easiest thing you could do to support the network while you’re there kick the tires and like the fires maybe you get paid to trade some vix options not the worst thing in the world and you know what you have some vol tools you like maybe they don’t have them guess what they’re really responsive to our listeners that’s why they’re all over our shows on the network they love hearing from you folks so give them your feedback tell them hey i love this i would like to see you add this and guess what they’ll probably do it it’s pretty cool public.com/vv the place to go to kick the tires and like the fires that’s gonna do it for us on the on demand side this week i’ll thank all of you who joined us if you’re hanging out in the pro just hang out we’ll be back in a little bit to talk all the madness of nove 17 puts and everything else over there coming up on options oddities if you want to check that out for yourselves you’re not part of the pro yet what the heck are you doing the optionsinsider.com/pro the place to go to learn more then we’re mercifully off for the weekend we can all rest our voices myself included then we’re back again on monday for the option block all the way through to next friday another episode of volatility views stay safe out there everybody are you paying too much to trade options if you’re not trading on public.com the answer is yes public is the only platform where you can earn a rebate on every option contract traded and that’s in addition to no commissions or per contract fees there’s no one else out there paying trading rebates so you won’t find a better deal bottom line if you’re paying more than zero dollars to place an options trade then you’re paying too much switch to public and start getting rebates on every single contract traded only at public.com the international volatility segment is brought to you by urx home of euro stocks v stocks dax and the german government bond based euro bond euro bobble euro shots derivatives urx is the leading european derivatives exchange learn more about trading v stocks futures and options the european volatility benchmark at www.urex.com/vstocks you’re listening to the options insider radio network the home of the options podcast for more quality options programs visit the options insider.com or search for options insider radio network in your podcast provider of choice listeners can also access all of our programming through our mobile app available on the itunes and google play stores select programs are also available via live stream at mixler.com/options-insider that’s mixlr.com/options-insider don’t forget to follow along with your favorite programs and submit your own questions for the hosts at twitter.com/options stock twits.com/options facebook.com/theoptionsinsider or via questions at theoptionsinsider.com
Options are not suitable for all investors and carry significant risk. Option investors can rapidly lose the value of their investment in a short period of time and incur permanent loss by expiration date. Certain complex options strategies carry additional risk. There are additional costs associated with option strategies that call for multiple purchases and sales of options, such as spreads, straddles, among others, as compared with a single option trade.
Prior to buying or selling an option, investors must read and understand the “Characteristics and Risks of Standardized Options”, also known as the options disclosure document (ODD) which can be found at: www.theocc.com/company-information/documents-and-archives/options-disclosure-document
Supporting documentation for any claims will be furnished upon request.
If you are enrolled in our Options Order Flow Rebate Program, The exact rebate will depend on the specifics of each transaction and will be previewed for you prior to submitting each trade. This rebate will be deducted from your cost to place the trade and will be reflected on your trade confirmation. Order flow rebates are not available for non-options transactions. To learn more, see our Fee Schedule, Order Flow Rebate FAQ, and Order Flow Rebate Program Terms & Conditions.
Options can be risky and are not suitable for all investors. See the Characteristics and Risks of Standardized Options to learn more.
All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Open to the Public Investing, Inc., member FINRA & SIPC. See public.com/#disclosures-main for more information.