The "Thursday Effect" strikes again as geopolitical tensions in the Middle East send markets tumbling and volatility spiking. Host Mark Longo is back in the Chicago studio to break down a "Blood-Red Thursday" alongside "Uncle" Mike Tosaw and Henry "The Flowmaster" Schwartz.

The panel dives into the massive VIX rolls, the curious lack of a "flight to quality" in bonds and gold, and why the S&P 500 is struggling to hold the 6500 level. Plus, we look at why traders are suddenly piling into coal and spirits.

In this episode, we discuss:

• The Trading Block: Market reaction to Middle East escalations, surging oil, and the VIX hitting 25.

• VIX Watch: A massive 250,000-contract roll in May/August 47.50 calls.

• The Odd Block: Unusual activity in Alliance Resource Partners (ARLP) and a speculative flurry in Brown-Forman (BF.B).

• Mail Block: What's keeping traders up at night? Geopolitical risk vs. sky-high valuations.

• Around the Block: What to watch as we head into the weekend, including FedEx earnings and the "Oil VIX" (OVX).