Trading Block: Wall Street is using the power of Dodd-Frank against itself. Shake Shacks (SHAK) unhedgeable risk. Chipotle (CMG) stock rallying following higher analyst rating. Google (GOOGL) tech deals on pace to surpass 1999.

Odd Block: Calls trade in CONSOL Energy Inc. (CNX), calls trade in McDonalds Corp (MCD), and puts trade in iPath S&P 500 VIX Short Term ETN (VXX).

Mail Block: Listener questions and comments

• Question from Gerry Engle - Hola fellows. Like the programs especially Option Block and Volatility Views. I noticed you guys do not talk much about technicals. The few times you have mentioned them you seem to take a dim view of them. Why is that? Are there no technicals that you feel are useful for options traders to pay attention to?
• Question from Calls vs Puts - Why is there not just one product that you can sell and buy to express your bullish or bearish outlook instead of two - calls and puts? Is that not a bit of overkill?
• Question from Georges Sinclair - Why are iron condors so popular? Seems like many other strategies can offer similar performance. Why has that one strategy become so dominant?

Around the Block: Early summer doldrums? Any action in anything anytime soon?

Option Block 434: Buy SPY Calls and Go Away

Trading Block: Buying SPY for the summer. The absence of fear - How low can the VIX go? Stocks rise to near records; oil jumps above $60. Someone made a quick buck trading cable mergers - Cablevision soared 18 percent on Wednesday

Odd Block: Calls trade in Sphere 3D corp. (ANY), calls trade in TYCO Intl PLC (TYC), and calls trade in Advance Auto Parts, Inc. (AAP)

Mail Block: Listener questions and comments

• Question from David S. - I think Apple is writing/buying options. Check my blog post for an option oddity: - http://bravo0123.tumblr.com. Why would they do this? I do not know, it’s only 6 million shares for Apple. Can I profit off this guess? Not sure.

Around the Block: Earnings: Big-box retailers step into the spotlight for earnings this week - i.e. Best Buy.

Trading Block: Icahn says "dramatically undervalued" Apple should trade at $240.

AccuShares is set to list a couple of interesting products on Tuesday: AccuShares Spot CBOE VIX Fund Up Shares (VXUP) and AccuShares Spot CBOE VIX Fund Down Shares (VXDN).

Odd Block: Calls and puts trading in CBRE Group Inc. (CBRE), puts trade in DSW Inc. (DSW), and calls trade in Molson Coors Brewing Company (TAP)

Strategy Block: Uncle Mike Tosaw discusses trading in SPY

Around the Block: Earnings: Consensus estimates from Wall Street analysts call for year-on-year earnings growth from big-box retailers Home Depot Inc. and Target Corporation, but for earnings declines from Best Buy Co Inc., Staples, Inc. and Wal-Mart Stores, Inc. when they report this week.

Trading Block: Rally ho on the market today. Is Avon in play? Stock halted after rallying over 20%. ADV 11k contracts - today over 75k! Avon Products Inc. said it never received a takeover bid from PTG Capital Partners Ltd., a firm listed in a securities filing as offering $18.75 a share for the struggling cosmetics company.

Odd Block: Calls trade in Michael Kors Holdings (KORS), calls trade in PowerShares DB Agriculture (DBA), and puts trade in Healthcare SPDR (XLV)

Mail Block: Listener questions and comments

• Question from Dmitry Shesterin ‏- @Options Some equities have more active options than others, why is $BAC so disproportionately more active? Some contracts beat $SPY, $VIX.
• Question from Fred Decker - Mark, I am nearing the end of reading Natenberg - I have even been going back to some basic concepts in the earlier chapters to refresh myself. While I like the book, I do not see much of a trading edge in Natenberg. The market models he uses assume frictionless trades and that volatility is constant. Is Natenberg a good book to get an edge in the market, or do you have another secret book to add to the trader's arsenal?

Around the Block: Earnings: Major retailers highlight this week's earnings outlook.

Trading Block: OPEC: Oil prices to stay below $100 for next decade. April U.S. options volume at 327.6m, down from March as spreads tighten. Highlights from The Options Industry Conference in Miami last week.

Odd Block: Calls and puts trade in the SPDR S&P 500 ETF (SPY), puts trade in Altisource Portfolio Solutions (ASPS), and calls trade in Iron Mountain Inc. (IRM)

Strategy Block: Tosaw discusses selling calendar spreads

Mail Block: Listener questions and comments

• Question from Nicolas Bougie: Many Thanks for [Russell] Rhodes podcast you guys put online. Very educational! My question to you guys is: What is your personal favorite trading platform and why? What platform would you suggest to someone starting in this business?

Around the Block: Earnings! Wednesday - Cisco, JC Penney, Macys. Thursday - Kohls, Nordstrom, King Digital

Trading Block: Bond, James Bond. A bullish bond market rally could be in our future. VIX going into Non-Farm Payroll - could we see a big move?

Odd Block: Puts trade in Whole Foods Market, Inc. (WFM), puts go up in iShares iBoxx High Yield Corp ETF (HYG), calls trade in Alibaba Group Holding Ltd (BABA)

Mail Block: Listener questions and comments

• Question from Dmitry Shesterin: Where do you see more HFT activity, in equities markets or options?
• Question from Tom: When should I adjust a credit spread? What percentage of profit should I aim for?
• Question from Fred: I am a futures guy dabbling in options. Do options traders need different tool than futures traders? If so, what tools or services do you recommend outside of the broker platforms?
• Question from Karl: What is the better way to get "free juice" on a bullish position - bullish risk reversal for a credit/even, vertical ratio call spread for a credit/even or just a short put for a credit (obviously). This would be for a near term (a few months), but not explosive (maybe to 5%) rally in the underlying. When is buying the stock the best option?

Strategy Block: Uncle Mike Tosaw discusses selling puts.

Around the Block: Looking ahead to non-farms

Option Block 429: Avenging Pacquiao

Trading Block: Bonds taking it on the chin. Disney stock soars, lifted by the superhero power of The Avengers. CBOE reports 35% of their total volume is from weeklys.

Odd Block: Puts roll in iShares Russell 2000 index ETF (IWM), massive put block trade in SouFun Holdings Ltd (SFUN), and puts trade in Clean Energy Fuels Corp. (CLNE)

Outside Trading Hours: In his brand new segment, Mark Sebastian discusses the NFLs latest move to remove tax-except status.

Around the Block: Earnings

Option Block 428: The Thorax of the Trade

Trading Block: Tattoo snafu inks Apple iWatch wearers. Options volume slid in first quarter. Bad sign? Retail investors all in: TD Ameritrade. The dollar is on its longest losing streak since 2011. India VIX caps monthly advance as futures rollover below average. Tesla loses ground ahead of battery event.

Odd Block: Calls trade in PowerShares DB US Dollar Index (UUP), calls trade in Kinder Morgan Inc. (KMI), and puts trade in Youku Tudou Inc. (YOKU)

Mail Block: Listener questions and comments

• Question from Nick - I have heard markets spend 30% of time trending and 70% of time bracketing. Can I use options to trade both of these environments?
• Question from Alan - Why is rolling a position so prominent? Is that not just averaging into a losing trade?
• Question from Anglo Jim - We saw a trending bull market for most of 2014. Is it simplistic to say that you could have just bought out-of-the-money calls and done fairly well? What about that decay that you are always talking about? Does that become a factor in that strategy, or does the bull market overcome it?
• Question from Orlando - I am thinking of using weeklys to initiate debit vertical call spreads. Is that a good use case for them?
• Comment from Mark Brant - @Options Great Option Block episode! I got even smarter about options again! The gift that keeps on giving: OIR. Thx!

Around the Block: Earnings: Apple & other earnings expected to dominate the week of April 27. Friday - Chevron, Weyerhaeuser

Option Block 427: Rocking AAPL Earnings

Trading Block: AAPL earnings after the bell.

AAPL Stats:

· ATM weekly straddle: $7.20 - approx 5.4%.

· ADV: 988K contracts.

· Today: 1.7M contracts.

· Call/put ratio: 2.1/1.

· Net deltas: short 670k.

· Calls sold on bid roughly equal to calls bought on ask - puts also evenly divided.

· AAPL volatility bets surge in options market as buyback beckons.

Investors seek protection against healthcare stock decline - Healthcare companies on a seven-year tear have been top performers so far in 2015. Love ’em or Hate ’em, China Stocks Are Red Hot in Options Market - Bearish options bets on the Deutsche X-trackers Harvest CSI 300 China A-Shares ETF.

Odd Block: Calls go up in iShares MSCI Taiwan Index (EWT), call blocks trading in Joy Global Inc. (JOY), and OTM puts trade in Direct TV (DTV)

Strategy Block: Tosaw discusses hedging AAPL and other earnings strategies.

Mail Block: Listener questions and comments

• Question from Cab 65 - What account size do you recommend to sell wide iron condors?

Rock Block: In which the all-stars discuss movies in the Michael Bay oeuvre. Let us know your thoughts on Facebook, Twitter, or by email

Which Nicholas Cage movie is the best?

1. The Rock
2. Con Air
3. Face Off

Who does the best “Welcome to the rock” interpretation?

1. Uncle Mike
2. The greasy meatball
3. Mark “the voice of options” Longo

Around the Block: Earnings: AAPL & other earnings expected to dominate the week of April 27.

Option Block 426: Hedging Crude Oil Is Not Rocket Science

Trading Block: NASDAQ composite rises above March 2000 record close. Roots of 'flash crash' go back further than you thought at CME. Oil jumps 3 percent, hits 2015 high on Yemen, supply concern. Earnings today include (before the bell): GM, Procter and Gamble, Caterpillar, Dow Chemical, Southwest Airlines, Dunkin Brand Groups; and (after the bell): Google, Microsoft, Starbucks, Amazon, Capital One, E-Trade Financial, Pandora.

Odd Block: Giant put buyer in The CBOE Volatility Index (VIX), and calls trade in iShares MSCI Taiwan Index (EWT)

Mail Block: Listener questions and comments

• Question from Vegan - What oil products do airlines use to hedge their crude exposure?
• Question from Nick - I have heard markets spend 30% of time trending and 70% of time bracketing. Can I use options to trade both of those environments?
• Question from Alan - Why is rolling a position so prominent? Is that no just averaging into a losing trade?
• Question from Evan - For Uncle Mike - I am long the Apple July 130-140 call spread. What do you think about this both for an earnings play, as well as for some longer term bullish exposure to Apple? What are some other bullish strategies you could recommend for a modest ten-point rally over the next three months?
• Comment from Mark Brant - Great Option Block episode! I got even smarter about options again! The gift that keeps on giving: OIR. Thx!

Around the Block: More earnings. Friday, April 24 - American Airlines, Xerox, Tyco International. Monday, April 27 - Apple, Inc.