Trading Block: Trump trade war spooks markets again. We are fully into zone two. Will vol explode, or is it just a bunch of nothing? Will there be a 50-handle move in the S&P within the next three days? Will this be another year of record volume? Which exchange is dominating the flow so far?

Odd Block: TSLA takes a drubbing. Returning to the Rent-A-Center trade from Tuesday. SBUX closing some locations. Is IQIY Inc. being impacted by the threat of trade war?

Strategy Block: Managing risk comes before sentiment. Going from a diagonal spread into a put spread.

Mail Block: Listener questions and comments

Options question of the week: Let's have some fun. These "entertainment" stocks are pricing in big moves. Gun to your head: Which July ATM straddle would you rather own in your portfolio? WWE? DIS? WYNN? SEAS? #DegeneratePremiumBuyers #PalmsIn #FearNoTheta

• WWE July ATM Strad: $7
• WYNN July ATM Strad: $12
• SEAS July ATM Strad: $2
• DIS July ATM Strad: $5
• @PatrickSnoke: Just pull the trigger so I don't have to choose the least worst option.

Listener questions:

• Question from Running Roger: Forgive me for asking but I need some help and have done something I didn't mean to. I bought ETSY puts at 40.00 strike and then wanted to sell to close. I accidentally sold a put contract, same strike price and same expiration date. Do they wash out? At this point I'm not even worried about the couple of hundred bucks I lost on the spread. I'm worried about selling the put contract. I used Robinhood on this one (instead of TOS) and I can't find a way to sell to close. Some help would be appreciated.
• Question from nowledg3ispower: I think I understand most things about calls. But I can't figure out and no one is able to give me an estimate if I have an option in the money. And I want to sell the option as opposed to letting the contract expire and buying the shares. What's my ballpark profit? I've been looking at this option for Twitter. If you have to provide an example.

Around the Block: What are we watching for the near future? Watching VIX. Andrew doubles down on a big move in the S&P.