Volatility Views

Volatility Review: A look at last week from a volatility perspective. VIX Cash - 26.5, nearly 4-points higher than last show. VVIX - 105, 8-points higher than last show Mnuchin Blames Volcker Rule, High-Speed Trading for Volatility VIX Options - ADV: 575k down nearly 20k from last show. Total 5.50m (4.23m Calls, 1.27m Puts) VXX - 46, 6.5-points higher than last show. SVXY - 43, almost 3 handles lower than last show. Volatility Voicemail: Options question of the week Which upcoming volatility product are you most excited about trading in 2019? Or are you content to stay with the original despite lingering issues? SPIKES Realday/RealVol Voldex/Skewdex I'll stick with VIX Comments, questions, and musings: Mark Twain on Volatility - "October. This is one of the peculiarly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August, and February." -Mark Twain Comment from Pat Hennessy - There are a total of 6,600 $VIX Dec puts that will

Volatility Review: A look back at the week from a volatility perspective What exactly is afoot? VIX cash International volatility trends: France for the win! Volatility opportunities 1-by-6 fever? Aggressively naked Take the money and run Volatility Voicemail: Options questions of the week Everyone loves trading AAPL Options. So the open interest is always very high. But a few interesting options dominate the rest. What do you think is the largest open position in AAPL right now? No cheating - try to use your #SpideySense. Jan 2020 200 Call Jan 250 Call Dec 180 Put Jan 100 Put Listener questions and comments: Question from F96 - Is there a listed equivalent to trading a variance swap? If not what's the closest approximation? Question from T-Bags - Which new volatility product are you most excited about for 2019? Crystal Ball: Wild prognostication Last week: Mark L. - 18.65 Mark S. - 23.00 This week: Mark L. - 19.25 Mark S. - 27.25

Volatility Review: A look back at the week from a volatility perspective. VIX Cash - 22.65, 3.25 higher than last show VVIX - 97, 3-points higher than last show VIX Options - ADV: 594k - up nearly 50k from last show Hot VIX options today: 10000 VIX Feb 13th 17.0 Puts $1.025 3999 VIX Dec 12th 30.0 Calls $0.10 42800 VIX Dec 19th 40.0 Calls $0.14 37700 VIX Jan 16th 32.5 Calls $0.562 Plus: VXX - 35.5, 1-point lower than last show SVXY - 46, almost 4 handles lower than last show Volatility Voicemail: Listener questions and comments Question from DaNincompoop - Are the futures really backward if it's just the cash that's higher? Question from Charles Pierce - When does VXX make the switch to VXX B? Question from ELanc3 - Over-under on when we'll see the next crop of new inverse volatility ETFs? Crystal Ball: Wild prognostication ensues Last week: Mark L. - 17.65 Mark S. - 16.49 This week: Mark L. - 18.65 Mark S. - 23.00

Volatility Review: A look back at the week from a volatility perspective. VIX Cash - 19.4, almost unchanged from two week ago VIX - 94, 12-points lower than last show VIX Options - ADV: 546k, Total 6.77m (4.81m Calls, 1.95m Puts) VXX - 35.5, 1-point lower than last show Crypto crushed below $4k recently Volatility Voicemail: Options question of the week: AAPL continues to take a beating - recently dropping below $175. We know many of you LOVE to trade $AAPL and this selloff creates opportunities. Looking ahead to Jan 2019 expiration- which trade would you prefer to make in $AAPL right now? Sell Jan 150P for $1.65 Buy Jan 150P for $1.65 Sell Jan 200C for $1 Buy Jan 200C for $1 Listener questions and comments Comment from Pete Yarbro - I'd sell this strangle. Question from EELC5 - What's the lowest volatility can get in the SPX? Comment from Nilai - I like Mark's idea for an erosionator in VXX. Would be something interesting to watch. Kind of like a smog report or tide report but for VXX. Crystal Ball: Wi

Volatility Review: A look back at the week from a volatility perspective. Black Monday. Happy 30th Birthday to Volatility Skew! The numbers: VIX - 93.33 CBOE Skew Index - 146 VXN - 14.64 Russell's Weekly Rundown: VIX ADV - 876k VIX call/put - 4.1 VXX - 34.39 XIV - 105.87 Volatility Voicemail: Options question of the week Earnings Season is here! Which name do you plan to trade most actively this cycle? 27% - Tesla - $TSLA 34% - Amazon - $AMZN 23% - Apple - $AAPL 16% - Alphabet - $GOOGL Listener questions and comments: Comment form MoneyEngine X3.5 - Buying CVS calls. Crystal Ball: Wild and reckless prognostication Last week: Mark L. - 9.55 Mark S. - 10.25 Ghost of Russell - 28 Kevin - 10 This week: Mark L. - 9.65 Mark S. - 10.16 Russell - 9.87

Volatility Review: A look back at the week from a volatility perspective Sell-offs appear to be slowing down Tech earnings weighing things down Facebook: did they or didn't they? Are we in a trade war? VIX cash: 19.17 VVIX: 106 - up from last show VIX futures keeping pace or outpacing the index Blow out in nat gas options NVDA, AMAT earnings Volatility Voicemail: Listeners take over Comment from Ninny - I think VIX will touch your kids. Question from LLAX: How come you guys don't talk $SVXY or $TVIX on your show? Question From TAX8T: New listener and first time writer. Awesome program. Love the vol trading breakdowns and the fun guests. Is there any way you can include a rundown of large OTC var and volatility prints on your show each week. Keep 'em coming. Crystal Ball: Really reckless prognostication Last week: Mark L. - 17.65 Mark S. - 16.49 Two weeks from now: Mark L. - 18.15 Mark S. - 15.25

Volatility Review: Earnings Highlights for the Week Tuesday - GE, Sony, BP, FB, eBay, Pfizer, Coca-Cola Wednesday - GM Thursday - Apple, Starbucks, Weight Watchers, Spotify, Cigna, Dow/DuPont Friday - ExxonMobil, Cboe, Alibaba, Chevron, Berkshire Hathaway Volatility indicators: VIX Cash - 17.75, 2.75-points lower than last show VVIX - 100, unchanged from last show VIX Options - ADV: 618k, VIX call/put: 2.1/1, Total 9.40m (6.29m Calls, 3.11m Puts) VXX - 37.5, 3-points lower than last show Volatility Voicemail: Options question of the week We always like to take the pulse of our audience. This week we're checking in on your favorite strategies. What is your go-to #options strategy? Butterflies Covered Call/Short Put Verticals, call or put Calendars/Diagonals Listener questions and comments Question from Mina - Why is VIX so weird? Question from Holan - That Meatball guy says he gets paid to buy $VXX puts. How? Question from BD3 - Why no Nasdaq VIX futures? Why no options? Why can't I trade VIX on Nasdaq?

Volatility Review: A look back at the week from a volatility perspective. Apple and Non-farms are on the radar today. A rough month for equities: 9% Drop - the largest monthly Nasdaq drop since Nov 2008. 7% Drop - largest S&P monthly drop since Sept 2011. Apple screwed the pooch: Apple tumbles 7% after earnings on light guidance. Market cap back below $1T Earnings Highlights from Last Week: Tuesday - GE, Sony, BP, FB, eBay, Pfizer, Coca-Cola Wednesday - GM Thursday - Apple, Starbucks, Weight Watchers, Spotify, Cigna, Dow/DuPont Friday - ExxonMobil, Cboe, Alibaba, Chevron, Berkshire Hathaway Volatility indexes: VIX Cash - 20.5, 6.5-points lower than last show. VVIX - 99, 21-handles lower than last show. VIX Options - ADV: 609k, VIX call/put: 2.4/1, Total 8.24m (5.84m Calls, 2.40m Puts) VXX - 37.5, 3-points lower than last show Volatility Voicemail: Options question of the week: Volatility is all over the place these days. Some say it's too cheap, others say it's too expensive. Either way they want

Volatility Review: A look back at the week from a volatility perspective. VIX Cash - 26.9, 6.8 points higher than last show VVIX - 120, 4 handles higher than last show A Listless VIX Says This Sell-Off Reeks of 'Dumb Money' by Luke Kawa - Bloomberg VIX Options - ADV: 574k, VIX call/put: 2.8/1, Total 7.47m (5.53m Calls, 1.95m Puts) VXX - 40.75, 6 points higher than last show Bitcoin Price Volatility Falls to Lowest Of 2018 The Dollar Is the New VIX, And the Bitcoin Connection by Brian Kelly - Forbes Volatility Voicemail: Options question of the week Earnings are back with big tech names on the docket. Which of the following will be lighting up your #Options trading this week? Bonus points for your preferred strategies - e.g. call vertical, straddle, etc. 28% - Microsoft $MSFT 34% - Amazon $AMZN 10% - Alphabet $GOOGL 28% - Twitter $TWTR Listener questions and comments: Question from Cube Finance - Do we smell the distinct odor of feedback loops about to take off? #risk #volatility Question from Darren Hom

Volatility Viewpoint: Featuring special guest Bob Krause of Demand Derivatives. He discusses: What is Demand Derivatives? What happened to VolX? What's new from Demand Derivatives? Limited-risk futures contracts Taking a cue from Buffett Converting the skeptics Volatility Review: A look back at the week from a volatility perspective VIX cash: 2.5 points lower than last show VIX range this week: 17.06 - 22.89 VVIX 10 handles lower than last show VIX futures curve: super backward again Vol is expensive Crystal Ball: Wild and reckless prognostication Last week: Mark: 17.65 Andrew: 26.01 This week: Mark L.: 17.75 Mark S.: 16.25

Volatility Review: VIX Cash - 22.35, 6 point from last show, up nearly 10 points from two weeks ago. VVIX - 126, 15 handles higher than last show, 34 higher than two weeks ago. VIX Options - ADV: 541k, VIX call/put: 2.7/1, Total 9.53m (6.93m Calls, 2.60m Puts), VXX - 35.65, 9 points higher than last show. Volatility Voicemail: Listener questions and comments Comment from DelVecchio - Dude WTF #VIX. Comment from XXX - "THERE IS A SPECIAL PLACE IN HELL FOR PEOPLE WHO QUOTE VIX AS A PERCENT." Comment from Martin Ryan - XIV imploded. TVIX is alive and kicking - I've used it for years. The other options have their advantages and disadvantages too - good luck trying to get a reasonable fill from options traders in a fast market. At least with an ETF or ETN I have liquidity... Question from Grigs - Why would shorting volatility during VIX futures contango fail? Question from JasonNolk - Suggestions on how to be best net neutral here? Crystal Ball: Wild and reckless prognostication Last week: Mark L. - 12.55 Andre

Volatility Review: A look back at the week from a volatility perspective Non-farms come in lower than expected Unemployment drops to 3.7%, the lowest since 1969 Bitcoin vol falls to lowest levels this year VIX up 4.3 from last week VVIX up 19 from last week VXX nearly unchanged from last week Volatility Voicemail: Volatility Flash Poll What is your weapon of choice when trading volatility? VIX VXX SPX SPY VIX VXX SPY/ SPX options Other Listener questions and comments: Comment from Martin Ryan - TVIX, UVXY, SVXY.I've given you three good alternatives (one an inverse). There is nothing little about either TVIX or UVXY - both have good liquidity, tight spreads and good trading price action. The VIX imploded, but the aforementioned are doing well as effective alternatives to options. Comment from Ryan - ETF - SQQQ Question from Alacor - Like the show. Tried my hand at crystal ball. Not good. Heard you talk about straddle runs in SPX. Are there any products that package hedged ATM straddles as a product? Mayb

Volatility Review: A look back at the week from a volatility perspective This week, featuring guest co-host Bill Valentine from Valentine Ventures. The old VIX call vs SPX put debate continues VIX Cash - 12.5, up 0.3 from last show RVX - 14.6, up 0.7 from last week VVIX - 89, 2 handles higher than last show Size "hedge" in SPX puts this week VIX Options - ADV, 452K, VIX call/put: 2.8/1, Total 7.77m (5.74m Calls, 2.03m Puts) VXX - 26.65, almost unchanged from last show Volatility Voicemail: Volatility Flash Poll The CBOE Skew Index alarmed many when it soared above 150. Of course, every index tells its own skew story. Which index do you think has the steepest skew right now (aka 25D put vol vs. 25D Call vol)? Russell 2000 S&P 500 Nasdaq Other Listener questions and comments: Question from Leans - Do you think SVXY will ever go back to its pre-Feb structure? Question from Tim - Is there really such a thing as a "covered call" in VIX since the options don't expire into futures? If I'm long a future and

Volatility Review: A look at the week from a volatility perspective VIX Cash - 12.2, down 2.2 points from last show RVX - 13.9, down 2 points from last week VVIX - 91, nine handles lower than last show Cboe SKEW Index Tops 150 for Record Four Straight Trading Days; Some Cite Surge in Black-Swan Hedging VIX Options - ADV: 467k, VIX call/put: 2.8/1, Total 6.86m (5.04m Calls, 1.82m Puts) More size Oct/Nov risk reversal on Weds - over 50k on the tape. VXX - 26.65, over 1 point lower than last show. Volatility Voicemail: Options question of the week Some people look to analysts for their market outlook. We prefer to analyze actual options positions. This week we're looking at SPY. In a nutshell - what do you think is the largest options position in SPY right now? No cheating - what does your gut tell you? 16% - SPY Mar 255.0 P 32% - SPY Oct 272.0 P 34% - SPY Dec 31st 320.0 C 18% - SPY Sep 300.0 C Listener questions and comments: Question from Godfr3y - I'm long VXX from 28.30 and long Jan 25 puts from $.55. T

Volatility Review: A look back at the week from a volatility perspective VIX Cash - 12.2, down 2.2 from last show RVX - 13.9, down 2 points from last week VVIX - 91, nine handles lower than last show VIX Options - ADV: 459k, VIX call/put: 3/1, Total 8.66m (6.48m Calls, 2.18m Puts) Why go 1x2 when you can go 1x4!? VXX - 27.80, nearly 3 points lower than last show Volatility Voicemail: Volatility Flash Poll VIX is threatening 15 and VXX is back above 30. Is this the return of volatility or just a blip? Quite simply - where will we be at the end of next week? 14% - Here: VIX=14, VXX=30 32% - Low: VIX=

Volatility Review: A look at last week from a volatility perspective VIX Cash - 14.4, up 2.4 from two weeks ago RVX - 15.90 VVIX - 100 - 7 handles higher than last show VIX Options - ADV: 459k, VIX call/put: 3.3/1, Total 7.62m (5.82m Calls, 1.80m Puts) VXX - 30.40, nearly 2-points higher than last show Crystal Ball: Your prognostication headquarters Last week: Mark L. 11.55 Mark S. - 11.95 This week: Mark L. - 13.75 Mark S. - 13.00

This episode was originally posted on August 28th, 2017. Volatility Review: A look back at the week from a volatility perspective. The numbers: VIX Cash - 12.33, a high of 14.45 on Monday. VVIX - 100 CBOE Skew Index - 130 Russell's Weekly Rundown VIX Options: ADV - 764k, VIX Call/Put - 3.4, Total 11.5m (8.88m Calls, 2.66m Puts) VXX reverse split trade Volatility Voicemail: Listener questions and comments Comment from JLC - That $VIX 60 guy is just nuts. He's just trying to make a name for himself with that prediction. $SPX wld need to drop over 10% to be right. Question from FContangotrader - What is your thought on $VIXH? Maybe every episode you can give an intro into various Vol ETN and ETF. Thanks and keep with good work Comment from FContangotrader - Mark Sebastian, so how do you hedge your gamma and your mother in law? Crystal Ball: Wild and reckless prognostication Last week Mark L. - 13.55 Mark S. - 12 Kevin - 18.25 Guest - 14.30 This week Mark L. - 11.75 Mark S. - 11.00 Russell - 10.80

Volatility Review: A look back at the week from a volatility perspective VIX Cash - 12, down one point from last week. VVIX - 93, ten handles lower than last week. VIX OPTIONS - ADV: 462k, VIX call/put: 3.3/1, Total 6.31m (4.83m Calls, 1.48m Puts) Return of the 1x2? VXX - 28.65, one and a half points lower than last week. Earnings Volatility: NVDA - ATM straddle: $16.50, approx. 6% VIX lawsuit press release - Kessler Topaz chosen as co-lead counsel overseeing national antitrust case alleging manipulation of CBOE's Volatility Index Volatility Voicemail: Options question of the week We're talking about crypto derivatives at the @BlockchainVoice Conference. So this week we want to know which crypto product you'd like to see listed on a major venue next? Bitcoin Options Ripple Options/Futures Ether Options/Futures Litecoin Options/Futures Listener questions and comments Comment from Vixologist: VolTwits should listen to @ScottNations on latest installment of Volatility Views from @Options https://tinyurl.com

Volatility Review, featuring special guest Scott Nations, CNBC Contributor & Creator of VolDex. He discusses: An update on SkewDex/VolDex. Will Nasdaq list it soon? Does the current debate over VIX manipulation create an opportunity for VolDex, or does it muddy the waters for all volatility products? Is he hearing more clients and customers who are interested in a skew-less VIX? A look back at the week from a volatility perspective We 've had a volatility whipsaw recently - we 're up, then we 're down. VIX Cash - 13, slightly up from last week. VVIX - 103.5, higher than last week. VIX Options - ADV: 451k, VIX call/put: 2.9/1, Total 8.79m (6.56m Calls, 2.22m Puts) VXX - 30.25, slightly higher than last week. Volatility Voicemail: Listeners weigh in Question from B Bort - Why does skew exist in VIX options? Question from Lisl - I looked at VXX Jan 10 puts then ended up moving up the chain to the 20s. Got some ranging from $.65-$.82. So a little bit more but I think my odds are better. Although I could

Volatility Review with very special guest co-host Russell Rhoads, Head of Derivatives Research at the Tabb Group. Volatility and selloffs return briefly during earning season. VIX Cash - 11.83, down slightly from last week. VVIX - 88, unchanged from last week. VIX Options - ADV: 440k, VIX call/put: 3/1, Total 7.95m (5.96m Calls, 1.99m Puts) VXX - 28.5, 2 points lower than last week. Volatility options question of the week: VXX has finally broken through the 30 handle. Many of you are fascinated with the ongoing saga of the VXX Jan 10 Puts. OI is over 200k and thousands continue to trade for $.01. Our question: Would you trade these puts? 57% - Yes: Buy for $.01 14% - Yes: Sell for $.01 23% - No. It's Just Gambling 6% - I have enough VXX Puts Volatility Voicemail: Listeners have their say Question from VolBug - When it's all said and done, is the bottom line that all inverse VIX products, whether short term or mid-term, can be subject to an acceleration event like SVXY given a high enough spike in the VIX