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On Options Jive, Nick and Bat break down a market that continues to grind higher while volatility refuses to follow. Despite geopolitical tensions and constant headlines, implied volatility has stayed muted, frustrating long vol positioning and reinforcing the idea that any move may come in sharp bursts rather than gradual increases.

They highlight how leadership remains narrow, driven largely by tech and semiconductors, while most other sectors lag behind. With a massive earnings week ahead featuring the biggest names in the market, the next directional move likely depends on whether those leaders can hold or extend their strength.