Volatility Views

Volatility Views 377:  The Great Volatility Shock Absorber  HOST: MARK LONGO, THE OPTIONS INSIDER MEDIA GROUP CO-HOST: MARK SEBASTIAN, THE OPTION PIT MIAX HOT SEAT:  DAVID LINCOLN, VIX CRUSH VOLATILITY REVIEW SEGMENT TRADE WAR OPTIMISM BOOSTING MARKETS MOST OF THIS WEEK VOL MIXED TO END THE WEEK SPIKES: 12.9 - DOWN .8 FROM  LAST SHOW   VIX CASH: 12.3 - DOWN .2 FROM LAST SHOW VVIX: 91.5 -UP 2.5 PTS FROM LAST SHOW  VIX FUTURES CURVE: STILL IN CONTANGO SPIKES FUTURES: WE’LL HAVE THEM LISTED BY NEXT EPISODE HOT VOLATILITY TRADES  VIX OPTIONS VXX VOLATILITY VOICEMAIL QUESTION FROM ITZSLEEPY: Can you guys comment on VIX calls on Nov 20, 2019? How it would play with vxx happening in the volatility space with insurance companies moving from leaps into shorter-duration hedges for their vol exposure? QUESTION FROM VINCE: Why do you refer to $SVXY and $UVXY as “neutered”? Thanks for answering my question and for putting on this show every week. You’re the best in the biz.  CRYSTAL BALL  WHERE WILL VIX/SPIKES BE NEXT WEEK?\ MARK: 12.15 MEATBALL -11.6 DAVE - 13

Volatility Views 376: Bermuda by Way of Chicago HOST: MARK LONGO, THE OPTIONS INSIDER MEDIA GROUP CO-HOST: MARK SEBASTIAN, THE OPTION PIT MIAX HOT SEAT:  John Smollen, The MIAX Exchange Group T3 HOT SEAT: SIMON HO, T3 INDEX VOLATILITY REVIEW SEGMENT Miami International Holdings, Inc. (MIH), the parent holding company of the MIAX®, MIAX PEARL® and MIAX Emerald™ options exchanges (the MIAX Exchange Group™), and the Bermuda Stock Exchange (BSX) today announced that MIH has acquired a controlling interest in the BSX. TRADE WAR OPTIMISM BOOSTING MARKETS MOST OF THIS WEEK VOL MIXED TO END THE WEEK SPIKES: 13.75 - UP .25 FROM  LAST SHOW  VIX CASH: 12.5 -  UNCHD FROM LAST SHOW VVIX: 89 -UP NEARLY 4 PTS FROM LAST SHOW  VIX FUTURES CURVE: STILL IN CONTANGO SPIKES FUTURES: RESPONSE FROM FIA ATTENDEES TO SPIKES FUTURES? EARNINGS VOLATILITY: DIS HOT VOLATILITY TRADES  VIX OPTIONS VXX VOLATILITY VOICEMAIL QUESTION FROM CURRANT: Do the zero commissions for options also extend to vol products like VIX and spikes? QUESTION FROM ELI: Does T3 have any models it can share depicting how viking future would look right now vs. traditional VIX futures term structure? QUESTION FROM LAWRENCE T.:  Lots of talk in energy space about how institutional hedging has shifted from back months to front calendar year for producers. Do we ever envision something similar happening in the volatility space with insurance companies moving from leaps into shorter-duration hedges for their vol exposure? CRYSTAL BALL  WHERE WILL VIX/SPIKES BE NEXT WEEK? MARK: 12.25   MEATBALL: 11.75  SIMON: 13, 13.25    

VV 375: We've Seen Stupider Stupids HOST: MARK LONGO, THE OPTIONS INSIDER MEDIA GROUP CO-HOST: MARK SEBASTIAN, THE OPTION PIT VOLATILITY REVIEW SEGMENT S&P 500, Nasdaq hit new records after October jobs numbers beat expectations SPIKES: 13.50 - UNCHD FROM  LAST SHOW  VIX CASH: 12.5 - DOWN .5 FROM LAST SHOW VVIX: 85.2 - UP 1.2 FROM LAST SHOW VIX FUTURES CURVE: STILL IN CONTANGO  SPIKES FUTURES EARNINGS VOLATILITY HOT VOLATILITY TRADES  VIX OPTION VXX VOLATILITY VOICEMAIL QUESTION FROM HEATHER: Since you guys don’t like TVIX what else do you recommend? QUESTION FROM ELI: Is there one strategy that is the silver bullet in vxx that works over the others. Should I really just buy 1yr plus puts and then set it and forget it? Seems like anything much shorter term is a bit of a crap shoot.  QUESTION FROM 78RT: What’s the real set-it-and-forget-it vol trade? VXX long-term puts? QUESTION FROM OPTIONSGAME: What kind of IV should we expect from CMEGroup options on bitcoin futures? CRYSTAL BALL  WHERE WILL VIX/SPIKES BE NEXT WEEK? MARK:  12.55 MEATBALL -  13.07

VV 374: The Great Earnings Volatility Breakdown HOST: MARK LONGO, THE OPTIONS INSIDER MEDIA GROUP CO-HOST: MARK SEBASTIAN, THE OPTION PIT MIAX HOT SEAT CO-HOST: MATT AMBERSON, ORATS  VOLATILITY REVIEW SEGMENT EARNINGS/TRADE WAR/BREXIT OPTIMISM IS BACK SPIKES: 13.50 - DOWN 1.1 FROM  LAST SHOW  VIX CASH: 13.0 - DOWN 1.6 FROM LAST SHOW VVIX: 84 - DOWN 6 PTS FROM LAST SHOW VIX FUTURES CURVE: STILL IN CONTANGO  SPIKES FUTURES EARNINGS VOLATILITY HOT VOLATILITY TRADES  SPIKES OPTIONS VIX OPTION VXX VOLATILITY VOICEMAIL QUESTION FROM PATRIC:  If I want to buy an option during earnings season should I buy it early or right before the announcement? QUESTION FROM DISL: Does VIX really have a skew? CRYSTAL BALL  WHERE WILL VIX/SPIKES BE NEXT WEEK? MARK:  13.55 MEATBALL -  12.67 MATT - 12      

VV 373: The Wheel of Volatility Decisions HOST: MARK LONGO, THE OPTIONS INSIDER MEDIA GROUP CO-HOST: MARK SEBASTIAN, THE OPTION PIT MIAX HOT SEAT CO-HOST: JOHN SMOLLEN, MIAX EXCHANGE GROUP. SPECIAL GUEST CO-HOST: ERIC METZ, SPIDERROCK ADVISORS  VOLATILITY REVIEW SEGMENT EARNINGS/TRADE WAR/BREXIT OPTIMISM HAS STALLED SPIKES: 14.60 - DOWN 1.9 FROM  LAST SHOW  VIX CASH: 14.60 - DOWN 1.8 FROM LAST SHOW VVIX: 91 - DOWN 4 PTS FROM LAST SHOW VIX FUTURES CURVE: STILL IN CONTANGO  SPIKES FUTURES Volatility Index SPIKES Futures are expected to launch on MGEX on November 18, 2019, subject to Commodity Futures Trading Commission (CFTC) approval. SPIKES Futures will be available on MGEX via the CME Globex platform, providing the SPIKES Futures product with significant distribution from day one. HOT VOLATILITY TRADES  SPIKES OPTIONS VIX OPTION VXX EARNINGS VOLATILITY NFLX IBM VOLATILITY VOICEMAIL QUESTION FROM LL07: I found the comments by Simon Ho on the last episode somewhat alarming. The exchange needs to get approval from regulators to offer tied trades to customers? Can’t a broker simply quote a tied trade using combos? Why do they need regulatory approval for tied trades after the options are already approved? What am I missing? QUESTION FROM ENCARTO: Am I better off buying a $SPY put or a $VIX call to hedge my portfolio? COMMENT FROM TOM BRENTON: I think the upcoming spikes futures will be interesting. Looking forward to trading them against the options.  CRYSTAL BALL  WHERE WILL VIX/SPIKES BE NEXT WEEK? MARK: 14.65 MEATBALL: 13.85 ERIC: 14.80    

VV 372: Crazy Rolls and Pathetic Volatility Rallies HOST: MARK LONGO, OPTIONS INSIDER MEDIA GROUP CO-HOST: ANDREW GIOVINAZZI, OPTION PIT MIAX HOT SEAT CO-HOSTS: John Smollen - Executive Vice President, Head of Exchange Traded Products and Strategic Relations - MIAX Exchange Group. SIMON HO, CEO, T3 INDEX  VOLATILITY REVIEW SEGMENT ALL IS RIGHT WITH THE MARKET AGAIN  - MARKETS FIRMLY IN RALLY MODE AS TRADE WAR OPTIMISM AND FED BALANCE SHEET LOVE DRIVING UP MARKETS SPIKES 16.5  VIX CASH 16.40 VVIX 95   WHICH VOLATILITY TRADES, TRENDS OR DEVELOPMENTS CAUGHT YOUR EYE THIS WEEK? HOT VOLATILITY TRADES  SPIKES OPTIONS VIX OPTION VXX VOLATILITY VOICEMAIL QUESTION FROM Erik Norstedt: Hi Mark, Great show! With some of the major brokers offering no trading fees do you think this will lead to an increase in volatility since traders can trade more? QUESTION FROM TALOS: Do they have the specs yet for the spikes future? RELATED QUESTION FROM LH65: How far out will I be able to trade spike futures? How do you expect the term structure to shape up. Thx for this program. You guys are the best. CRYSTAL BALL WHERE WILL VIX/SPIKES BE NEXT WEEK? MARK:  16.65 ANDREW: 14.92   SIMON: 16.2    

Host: Mark Longo, The Options Insider Media Group Co-Host: Mark Sebastian, Option Pit VOLATILITY REVIEW Update on the latest trades, trends and developments in the world of volatility including: ALL IS RIGHT WITH THE MARKET AGAIN   VIX cash, Spikes,VIX Futures and VVIX overview.  Spikes options breakdown - 18- UNCHD. FROM  LAST SHOW  VIX cash - 17.75 - UP .25 FROM LAST SHOW  VVIX - 96 - DOWN NEARLY 8 PTS FROM LAST SHOW   VIX Futures Curve - STILL IN CONTANGO And much more… VOLATILITY VOICEMAIL QUESTION FROM TINTIN:Why do you the market isn’t pricing in more volatility as a result of the saudi oil attacks?  COMMENT FROM SIDELOASD:  I found that vxst/vix ratio discussed on last show extremely interesting. Thank you. QUESTION FROM JERRY BANKS: Do you have any insight into whether cboe will ever bring back rvx? I miss that product.  THE CRYSTAL BALL Where will VIX/SPIKES be next week? MARK: 16.65   MEATBALL: 15.79     

Host: Mark Longo, The Options Insider Media Group MIAX Hot Seat Co-Host: Shelly Brown - Executive Vice President, MIAX Exchange Group Co-Host: Andrew Giovinazzi, Option Pit Guest Co-Host: Brian Overby - Senior Options Analyst, Ally Invest VOLATILITY REVIEW Update on the latest trades, trends and developments in the world of volatility including: MARKET SELLING OFF AGAIN OVER MORE CHINESE / U.S. TENSIONS VIX cash, Spikes,VIX Futures and VVIX overview.  VIX options breakdown - LIGHT  VOLUME WEEK Spikes options breakdown - 18- UP OVER 4 FROM LAST SHOW  VIX cash - 17.5 - UP APPROX. 3.5 FROM LAST SHOW  VVIX - 104 - UP NEARLY 4 PTS FROM LAST SHOW  VXX - 24.3 -  UP 1.3 FROM LAST SHOW VIX Futures Curve - STILL IN CONTANGO And much more… SPIKES FUTURES   HERE WE GO! WE HAVE A LAUNCH DATE!   Volatility Index SPIKES Futures are expected to launch on MGEX on November 18, 2019, subject to Commodity Futures Trading Commission (CFTC) approval. SPIKES Futures will be available on MGEX via the CME Globex platform, providing the SPIKES Futures product with significant distribution from day one. BIG VOLATILITY WAGERS HIT MARKETS At least one options investor dished out $4.3 million for bullish bets on the VIX that would pay out if the gauge jumped to 23 by October, a huge advance from its current level, according to data provider Trade Alert. Another large trade would pay out if the gauge jumped to 25, a level it hasn’t closed at since early January. VOLATILITY VOICEMAIL QUESTION FROM IRL8: Do brokers charge more to trade VIX and volatility products? QUESTION FROM CO54: Does this notion of having approval levels for vol etps have legs? THE CRYSTAL BALL Where will VIX/SPIKES be next week?   MARK: 17.55 ROCK LOBSTER: 9.97 BRIAN: 20    

Host: Mark Longo, The Options Insider Media Group MIAX HOT SEAT CO-HOST: John Smollen - Executive Vice President, Head of Exchange Traded Products and Strategic Relations - MIAX Exchange Group Co-Host: Mark Sebastian, Option Pit VOLATILITY REVIEW Update on the latest trades, trends and developments in the world of volatility including: MARKETS UNCHD TO END THE WEEK AFTER STRONG RALLIES. VOLATILITY DOWN ACROSS THE BOARD. VIX cash, Spikes,VIX Futures and VVIX overview.  VIX options breakdown - mild volume week Spikes options breakdown - 14.20 - DOWN 1.65 FROM LAST SHOW  VIX cash - 13.90 - DOWN 1.6 PTS FROM LAST SHOW  VVIX - 99.5 - UP 2.5 PTS FROM LAST SHOW  VIX Futures Curve - BACK TO (SOMEWHAT) NORMAL CONTANGO And much more... VOLATILITY VOICEMAIL QUESTION FROM LLJJ: Did those pricey VXX puts really work out when you factor in the vol implosion in that product over the past few weeks? QUESTION FROM ELLIOT: Fun program. Like the spikes inclusion. Question - I’ve hear Mr. Longo mention that there might be options “lurking in the book” before on the show. What does this mean? What book? Thanks and love the show.  QUESTION FROM NICK JOHNSON: You feeling the volfefe index? THE CRYSTAL BALL Where will VIX/SPIKES be next week? MARK: 14.25/ VOLFEFE 6 GREASY Meatball: 13.14?

Host: Mark Longo, The Options Insider Media Group MIAX HOT SEAT CO-HOST: Dave Lincoln, The Short Vol Show Co-Host: Andrew Giovinazzi, Option Pit VOLATILITY REVIEW Update on the latest trades, trends and developments in the world of volatility including: JUDGING BY THE VOLATILITY MARKET YOU’D NEVER KNOW THAT WE HAD A HISTORIC ATTACK ON THE OIL INFRASTRUCTURE THIS WEEK. VIX cash, Spikes,VIX Futures and VVIX overview.  VIX options breakdown - decent volume week Spikes options breakdown - 13.95 - DOWN .25 FROM LAST SHOW  VIX cash - 13.90 - ALMOST EXACTLY UNCHD FROM LAST SHOW  VVIX - 96.5 - DOWN 3 PTS FROM LAST SHOW   VIX Futures Curve - STILL IN CONTANGO.  FROM MATT THOMPSON:  Spot $VIX "gravity" on VIX futures does not get stronger when the curve is steep.  In fact, the opposite.   Why?  Because steep curve = a lot of time to expiration.  and "gravity" has the greatest effect when a future is close to expiration And much more... THE CRYSTAL BALL Where will VIX/SPIKES be next week? MARK: 14.25 ROCK LOBSTER: 13.59 DAVE LINCOLN: 12:08