Tony and Nicky discuss market conditions during Confirm and Send, noting the S&P down 5 handles near daily lows with volatility up slightly. Silver jumped over 3% to $70/oz while gold gained $33, narrowing the gold-silver ratio to below $64, its lowest level in recent memory.

The hosts tackle questions about investing in private companies like Starlink (impossible for retail traders), AI market frothiness (real technology but potentially overvalued), zero-day SPX iron condor management strategies, and trading psychology.

Both hosts note they're running lighter positions than usual with volatility collapsed, with Tom carrying about one-third his normal delta exposure. They emphasize mechanical trading approaches based on IV environments rather than trying to predict macro risks or market catalysts.