This episode of This Week in Futures Options (TWIFO) captures a market in transition. As we move through January 2026, the "All-In" equity trade is facing a rotation, silver is behaving like a high-octane meme stock, and even the most obscure products like Rough Rice are seeing double-digit vol spikes.

Whether you are hedging a portfolio against an earnings-season sell-off or looking to harvest high premiums in the metals, this episode provides the professional analysis you need to separate the wheat from the Lean Hogs.

Episode Highlights The Movers & Shakers: A Tale of Two Tapes

The Jedi (Light Side) are winning this week, but the Sith (Dark Side) struck the hardest blows in percentage terms.

• The Dark Side: Natural Gas plummeted 23.9%, Bitcoin dropped 6.3%, and the Russell 2000 took a breather after a massive YTD run.

• The Light Side: Silver stole the show, rallying over 20% on the week. WTI Crude and Brent both surged ~10%, while Palladium saw a double-digit rebound.

Equities: The Great Rotation of 2026

Uncle Mike Tosaw reveals a major strategic shift, moving away from Large Caps and into Mid-Caps and Small Caps.

• Large Cap Fatigue: The S&P 500 is up 72% over three years, while Mid-Caps are up only 33%. Is the gap finally closing?

• Zero-Day Obsession: Despite the 0DTE craze, the "Big Dog" trade this week was the 6,600 Puts in the E-mini S&P, expiring in 22 days—a massive hedge against upcoming tech earnings.

Energy: Crude is Back on the Menu

WTI Crude hit a rare 1-million contract week.

• The Conflict Trade: With Middle East tensions rising, traders are aggressive in the March 70 and 75 calls, betting on an $80 handle by summer.

• Volatility Alert: Crude vol in March is currently sitting at 56.7, up nearly 14 points on the week.

Metals: Silver's "Meme Stock" Era

Silver is up over 400% in three years, leading Uncle Mike to label it the new meme stock of the commodities world.

• Historic Volatility: Silver vol is currently at a staggering 107.2.

• The Upside Play: Massive flow in the March 120 calls (only 7 handles away!) as traders chase the vertical spike.

The Curveball: Rough Rice?

In a TWIFO first, the panel explores the esoteric world of Rough Rice options.

• Market Dynamics: Despite low liquidity, Rough Rice saw a 4.6% move this week with a metal-like skew where calls are catching a heavy bid.

The All-Star Panel

• Mark Longo: Founder, Options Insider Media Group

• "Uncle" Mike Tosaw: Wealth Manager, St. Charles Wealth Management

The markets are seeing red as a wild earnings week takes center stage. From the "Tale of Two Techs" (Microsoft vs. Meta) to a massive volatility spike, the All-Star Panel breaks down the trades, the trends, and the unusual activity lighting up the tape. Plus, we dive into the "other" Wolf and an Argentinian oil play.

The All-Star Panel

• Mark Longo: CEO and Founder of the Options Insider Media Group.

• Henry "The Flowmaster" Schwartz: Vice President of Institutional Derivatives at Cboe Global Markets.

• "Uncle" Mike Tosaw: Wealth Manager at St. Charles Wealth Management.

Trading Block: A Sea of Red and Earnings Chaos

The panel discusses a volatile Thursday session with the S&P 500 seeing a 100-handle range. While tech takes a hit, other sectors like energy and financials are showing resilience.

• The Tale of Two Ms: Comparing the diametrically opposite reactions to Meta (META) and Microsoft (MSFT) earnings.

  • META: Stock up ~10%; those who bought the 700-strike calls for $11 are seeing massive wins.

  • MSFT: Stock down ~12% (a $58 drop); the same call-buying strategy was a total wipeout.

• Tesla (TSLA) Tumbles: Down over 2% as the market reacts to a shift in focus toward robotics and AI over traditional EV growth.

• Small Cap Update: Henry Schwartz notes that while the Russell 2000 (IWM) is outperforming YTD (up 6%), historically, this "value over growth" rotation rarely sticks.

• VIX Volatility: VIX flirting with an 18 handle. Notable paper includes a massive 50,000 lot of the April 80 calls trading for $0.36.

The Odd Block: Unusual Activity in WULF and YPF

The Flowmaster identifies massive directional bets in two very different names.

1. TeraWulf (WULF) A Bitcoin-related name seeing a $3 million directional bet.

• The Trade: Buyer of 36,000 Feb 16 Calls (Average price: $0.82).

• Context: This is a massive sweep that creates the largest regular listed position in the name, likely betting on M&A rumors or a Bitcoin rebound.

2. YPF Sociedad Anonima (YPF) An Argentinian energy ADR seeing unusual size.

• The Trade: Buyer of 9,999 April 43 Calls.

• The "Conspiracy": Why 9,999 instead of 10,000? Henry suggests it might be to dodge block scanners set for five-digit minimums.

Mail Block: Listener Perspectives

• Question of the Week: How are you trading this earnings week?

  • Current Results: 44% are selling premium to "live the dream," while the rest are split between buying "juice," trading 0DTE, or staying on the sidelines.

• VIX Poll: 75% of listeners would rather sell the April 80 calls for $0.36 than buy them.

Around the Block: What to Watch

• Apple (AAPL) Earnings: Reporting after the bell. The market is pricing in a 4% move—roughly double its historical average.

• Sector Rotations: Watching if the energy (XLE) and industrial (CAT) strength can offset the tech drag.

• Silver (SLV): Uncle Mike highlights silver's insane run, outperforming the S&P by 8x last year and up 60% this year.

Episode Summary

Earnings season is in full swing, and the options tape is absolutely on fire. Host Mark Longo breaks down a massive day of paper, where it took over 671,000 contracts just to crack the Top 10. From Meta's massive post-earnings "lottery ticket" winners to Microsoft's tumble into the "dark side," we examine the strikes and flows defining the market on this action-packed Thursday. Plus, a look at Apple's after-hours movement following its Q1 revenue beat and why Tesla is back in the #1 spot despite a rough day for shareholders.

Inside the Hot Options Tape

• Tesla (TSLA): Reclaims the #1 spot with 2.79M contracts. We dive into the $420 puts as the stock slips nearly 3.5% post-earnings.

• Nvidia (NVDA): A rare drop to #2 despite 2.54M contracts. Is the $192.50 call paper looking for a Friday payday?

• Microsoft (MSFT): The "dark side" prevails after earnings, with a 10% sell-off. We track a massive 100,000-lot butterfly spread targeting December.

• Meta (META): A spectacular win for the bulls. Those $700 "lottery ticket" calls paid off big as the stock surged toward $740.

• Apple (AAPL): Breaking down the $260 calls as the stock trends higher in the after-hours following a $143.8B revenue report.

• Palantir (PLTR): Returning to levels not seen since last summer. Are the $150 puts signaling more pain ahead?

• MicroStrategy (MSTR): Taking it on the chin with a 10% drop. Was the $167.50 call flow a brave rebound play or just lighting money on fire?

Market Breakdown by the Numbers Rank Symbol Volume The "Hot" Option Price/Context 1 TSLA 2.79M $420 Puts Nearly 100k contracts; price ~$4.93 2 NVDA 2.54M $192.50 Calls 211k contracts; eyes on tomorrow's close 3 MSFT 2.34M $575 Calls Part of a massive Dec. butterfly spread 4 META 1.42M $750.50 Calls Bulls sweating as stock hits $744 high 5 PLTR 1.14M $150 Puts 53k contracts; stock hit low of $147.12 Resources & Links

• Generate Your Own Reports: TheHotOptionsReport.com

• Go Pro: Get exclusive insights at TheOptionsInsider.com/Pro

Is it time to diversify beyond the U.S. and take the "Leap" into European markets? 📍 In this episode, host Mark Longo is joined by Russell Rhoads (IU Kelley School of Business), Cornelius Trenz (EUREX), and Helena Jarabakova (TradingView) to explore how retail and professional traders can access the high-liquidity European derivatives landscape. We dive deep into "The Leap"—a massive new paper trading competition with over $20,000 in prizes designed to help you master EUREX products without risk.

Continental Conversations:

• TradingView 101: How Helena Jarabakova and the TradingView team are democratizing access to European data for just $2/month.

• The "Mid-Morning" Edge: Why the European market close (around 11:30 AM ET) offers a second daily window for volatility and swing trading.

• VDAX vs. VIX: Analyzing the "Greenland Dust-up" and how European volatility is currently correlating with the U.S.

• Hidden Gems: Cornelius Trenz highlights why Euro STOXX Banks and STOXX Europe 600 futures are the preferred tools for institutional-grade diversification.

• Correlation Breakdown: Russell Rhoads explains why the decoupling of DAX and S&P 500 correlation is a green light for portfolio diversification.

Timestamps:

• 0:00 – Introduction to European Volatility

• 5:20 – TradingView: Charting and Education for 100M+ Users

• 12:45 – Deep Dive: "The Leap" Paper Trading Competition

• 22:15 – The "Mid-Morning" Opportunity for U.S. Traders

• 31:40 – VDAX, VIX, and the Impact of Global Tariffs

• 45:10 – Mail Call: European Financials & Sector Rotation

Brought to you by EUREX. Take the Leap today at EUREX.com/competition

This episode of The Futures Rundown explores the explosive, and frankly "crazy," price action currently dominating the metals complex. Host Mark Longo is joined by Brett Friedman, Managing Partner at Winhall Risk Analytics, to dissect the unprecedented surge in silver, the "tail of two tapes" on Fed Day, and the lurking geopolitical wild cards that could upend the markets in early 2026.

Inside This Episode: The Silver "Freight Train"

Silver has officially decoupled from reality, outperforming the S&P 500 by eight times in 2025 and starting 2026 with a staggering 61% year-to-date gain. Brett Friedman breaks down why this move is the most intense silver "craziness" he's seen in a career spanning multiple decades.

Key Discussion Points:

• What is Driving Silver? We move beyond the standard supply deficit narrative to look at momentum trading, social media frenzy (Google Trends), and why implied volatility is hitting triple digits.

• The "Bubble" Checklist: Is silver in a bubble? Brett explains the "constant feeding" requirement and why the metal is currently thriving on global uncertainty.

• Fed Day Reality Check: A look at the top 10 most active futures products. While metals dominate the headlines, the volume remains concentrated in NASDAQ Micros (MNQ) and 10-Year Notes.

• Lurking Wild Cards: Why the upcoming Supreme Court decision on tariffs and a potential government shutdown are the "uncertainty triggers" the market is ignoring.

• Energy Complex Update: Why crude oil is stuck in a sideways band despite tensions in Iran and Ukraine, and the "demand destruction" currently hitting the cocoa and orange juice markets.

This episode of The Hot Options Report tackles a high-stakes "Fed Day" session as the market navigates a steady policy hold and a massive wave of "Mag 7" earnings. Host Mark Longo breaks down the top 10 most active names, tracking the wild after-hours divergence between Meta's moonshot and Microsoft's retreat, as well as the parabolic move in Micron and Intel's roaring recovery.

Fed Day & Earnings Chaos: The Tale of Two Tapes

Despite a light start to the session as traders kept their "powder dry" for the FOMC announcement, the afternoon transformed into an earnings battleground. The Fed maintained interest rates at 3.50% to 3.75%, but the real volatility was found in the tech sector's after-hours reactions.

The Top 10 Options Breakdown Rank Ticker Volume Key "Hot Option" Notable Move 1 NVDA 1.92M 192.5 Calls (Exp. Friday) Gained $3.00 to close at $191.52. 2 INTC 1.37M 50 Calls Surged 11% ($4.85) to close at $48.78. 3 TSLA 1.21M 450 Calls Rallying $13.60 after-hours to $444. 4 PLTR 641K 170 Calls Sold off 5% ($8.35) to close at $157.33. 5 AMZN 593K 245 Calls Dipped $1.67 to close at $243.00. 6 MU 570K 450 Calls Exploded 6% ($25.00) to close at $435.28. 7 MSFT 524K 500 Calls Dropping $23.00 after-hours to $458. 8 META 521K 700 Calls Surging $62.00 after-hours to $731. 9 AAPL 461K 270 Calls Slipped $1.83 to close at $256.44. 10 NFLX 433K 86 Calls Fell 1% ($0.84) to close at $84.64. Highlights from the Tape

• Meta vs. Microsoft: A dramatic split in AI sentiment. Meta is soaring over $730 in the after-hours, making those $11 premium 700 calls look like a steal. Meanwhile, Microsoft is "circling the bowl" despite beating estimates, dropping nearly $23 after-hours as investors weigh heavy AI capex.

• Micron's Moonshot: MU continues an absolute tear, up 38% year-to-date and another $25 today. The 450 calls are the target for those betting the AI hardware frenzy isn't over.

• Intel's Revenge: After a brutal post-earnings drubbing, INTC roared back with an 11% gain, fueled by reports of foundry partnerships with Nvidia and Apple.

• Nvidia Holds the Crown: NVDA remains the volume king with nearly 2 million contracts. Traders were heavy in the 192.5 calls, looking for a break of the intraday highs.

This episode of Options Boot Camp dives into one of the most significant shifts in the equity markets: the arrival of 0DTE (Zero Days to Expiration) options for single stocks like Nvidia, Tesla, and Apple. While the excitement is high, hosts Mark Longo and Dan Passarelli highlight a critical technical risk that many retail traders overlook—Contra-Exercise.

Episode Summary

The "0DTE era" has officially expanded beyond cash-settled indices like the SPX. With single-name equity options now listing for Mondays, Wednesdays, and Fridays, traders face a new logistical hurdle: physical settlement. Unlike cash-settled indices, equity options result in the delivery of actual stock, making the after-hours window a potential minefield for "pin risk" and unexpected assignments.

Key Discussion Points:

• The 0DTE Expansion: Why names like IBIT, NVDA, and TSLA are joining the zero-day fray and what it means for market volatility.

• Understanding Contra-Exercise: The mechanics of the "Do Not Exercise" (DNE) order and how to force the exercise of out-of-the-money options.

• The After-Hours Window: Why the 4:00 PM ET close isn't the end of your risk, and how news after the bell can trigger "ghost" assignments.

• Broker Deadlines: A breakdown of how different brokers handle the cutoff times for contra-instructions.

• Risk Management: Why the "best case scenario" is almost always closing your position before the closing bell.

Go to tastytrade.com/podcasts and see why Investopedia named tastytrade the best broker for options in 2024. Genius loves company.

Tired of trying to find UNH cheese and just want out of the trap? In this episode, we break down a front spread, also known as a call ratio spread, built for traders who already own 100 shares of UNH and want options to, literally, get unstuck. By buying one 300 call and selling two 315 calls expiring Friday, March 6, 2026, the trade was placed for about a $1.00 net credit with UNH near 281.70. We explain the front spread logic, why it is considered covered, the payoff, and the fine print that matters. Listen in to hear how this escape plan unfolds.

Link to the Strategy in OptionsPlaybook.com:

https://www.optionsplaybook.com/option-strategies/call-ratio-vertical-spread

In this episode of the Hot Options Report, Mark Longo breaks down a wild Tuesday in the options pits where the "usual suspects" shared the stage with some massive earnings-driven volatility. While the broader market volume was steady, individual names like Micron (MU) and UnitedHealth (UNH) stole the spotlight with explosive moves and unusual paper.

The Countdown Highlights:

• The Nvidia Standard: Even on a "light" day, Nvidia (NVDA) holds the #1 spot with 1.46 million contracts. We look at the $190 calls as traders bet on a return to the mid-session highs.

• UNH's Earnings Crater: The healthcare giant plummeted nearly 20% following a disappointing outlook. We dive into the massive open interest on the $600 calls—expiring in 2027—and ask: is this a bold recovery play or a massive hedge?

• Micron is "On Fire": Closing up another 5.4%, Micron's $420 calls are fetching nearly $10.00. How much gas is left in this AI-fueled tank?

• Tesla Tumbles (in Volume): In a rare twist, Tesla gets kicked to the #4 spot with volume levels roughly half of its daily average. Mark analyzes why the $440 calls are seeing "light" action.

• Deep Dive into the Tape: From Coreweave (CORW) continuing its repeat rally to Apple (AAPL) seeing rare meaty put action, we track the flow that actually impacts your P&L.

Visit TheHotOptionsReport.com to get the data behind the show!

On this episode of The Crypto Rundown, Mark Longo is joined by Greg Magadini, Director of Derivatives at Amberdata, to break down a wild start to the year. As Bitcoin (BTC) slips back toward $88k and Ethereum (ETH) struggles to reclaim the $3,000 handle, the team explores why current market conditions are a prime setup for "strangling" volatility.

Inside This Episode:

• The Bitcoin Breakdown: BTC is down nearly 4,000 handles since the last show. We analyze the $88k support level and the shift in the 30-day volatility complex.

• Gold vs. Bitcoin Volatility: Why is a $34T asset like Gold currently showing nearly the same volatility as the $1.7T Bitcoin market? Greg explains the "Digital Gold" underperformance and what it means for the tape.

• The Rise of IBIT Dailies: Big news for liquidity! We discuss the launch of Monday and Wednesday weeklies for the BlackRock IBIT ETF and how "Zero Day" (0DTE) culture is officially entering the Bitcoin space.

• MicroStrategy (MSTR/MSTU) Mechanics: Analyzing the "canary in the coal mine." Is there a "death spiral" risk if BTC continues to slip, or are we on the verge of a massive short squeeze?

• Strategic Playbook: Why Greg is eyeing wide synthetic strangles and the "right tail" explosion. We also look at the massive bearish shift in weekly skew and what it tells us about trader sentiment.

• Altcoin Universe: Quick hits on Solana (SOL) volatility, the XRP sub-$2 struggle, and why Circle (CRCL) equity might be the most "serious" altcoin on your radar.

Key Resources & Links:

• Check the Data: Explore professional-grade crypto derivatives metrics at pro.amberdata.io .

• New AI Insights: Visit intelligence.amberdata.com for Amberdata's new AI-powered market intelligence platform.

• Follow the Network: Stay updated via X @Options and @Amberdataio .