Volatility Views

Weak jobs data sends stocks higher, VIX futures remain stubbornly elevated above spot, and volatility products deliver some puzzling results. Mark Longo, Dr. Russell Rhoads and Jim Carroll examine the conflicting signals driving the equity and volatility markets.
The panel breaks down VIX futures term structure, persistent contango and the risks surrounding a narrow, tech-led rally. They also debate the prospect of perpetual VIX futures and how funding rates and arbitrage could affect existing futures, options and volatility trading strategies.
Plus, Russell's Weekly Rundown explores unusual VIX options activity, including far out-of-the-money calls and deep in-the-money put spreads. The crew examines a sizable October-to-November call spread roll, compares the volatility ETP landscape across VXX, UVXY, UVIX, SVIX, SVXY and SVOL, and discusses a brokerage restriction that interrupts Russell's weekend volatility trade.
Then it's time for another fiercely contested round of VIX forecasts in the Crystal Ball.

VIX kept drifting lower even as the market swung through another eventful week. Mark Longo is joined by Russell Rhoads, Mark Sebastian and Brian Overby to examine the gap between current volatility and the risk priced into VIX futures.
The panel digs into heavy VIX call activity, unusual weekly options trades, the potential effect of midterm election options on VIX, and ways to structure a volatility trade when upside calls are expensive. They also revisit SVIX and UVIX, debate whether Treasury yields could become a bigger source of market stress, and make their VIX predictions for next week. Plus, Russell gives the editor a little extra censoring work.

The Fed delivered another volatile week, but the market's rapid rebound left VIX back in the mid-teens and raised fresh questions about whether traders are becoming too complacent.
Host Mark Longo and Russell Rhoads examine the market's reaction to the Fed, the widening gap between VIX cash and October VIX futures, growing concerns in the Treasury market, and the potential catalysts that could finally awaken volatility. They also break down the busiest VIX options trades of the week, including heavy upside call activity, renewed interest in VIX puts, an unusual multi-expiration spread, and the possibility of daily VIX expirations.
Plus, Russell's weekend UVIX strategy finally returns to the winner's circle, volatility traders target upside in VXX, and the hosts make their latest VIX predictions in the Crystal Ball.

Volatility wakes up from its late-summer slumber on this episode of Volatility Views as Mark Longo and Russell Rhoads break down a surprisingly active stretch across the volatility markets.
VIX briefly pushed above 18 before retreating, VIX options volume came roaring back, traders targeted everything from near-term puts to triple-digit VIX calls, and the volatility futures curve offered some interesting clues about what the market expects next.
Plus, Russell breaks down some fascinating VIX weekly trades, including one that landed almost perfectly at settlement, we examine the latest action in SVIX, UVIX, UVXY and VXX, and Mark celebrates a rare two-week Crystal Ball bullseye after nearly nailing the VIX level from the previous episode.

The theta clock is ticking on the volatility markets!
On this episode of Volatility Views, Mark Longo is joined by Brian Overby from OptionsPlaybook.com and Henry Schwartz from Cboe for a deep dive into a surprisingly quiet volatility landscape.
With VIX dipping into the 14 handle and VVIX hovering near unusually low levels, has volatility simply gone to sleep for the dog days of summer—or is premium getting too cheap to ignore?
The crew discusses whether this is an attractive time to buy volatility, why VIX spikes have become increasingly difficult to monetize, and how traders can potentially take advantage when those brief volatility explosions finally arrive.
They also break down the VIX futures term structure, some massive VIX options positions and intriguing upside trades, plus the latest action in SVIX, UVIX, UVXY and VXX.
Brian also shares an interesting options strategy in SpaceX before the crew heads into the Crystal Ball to forecast where VIX might be headed next.
And somewhere along the way, Henry introduces what may be the next must-have accessory for every options trader—the Theta Clock.