Tesla, MicroStrategy and An Inside Look at the Biggest Options Expiration in Market History

Join Brent Kochuba and Jack Forehand as they break down December's historic options expiration - the largest OpEx on record. In this deep-dive episode, they explore: Why this December OpEx is uniquely significant with over $1.9 trillion in options value expiring Tesla's remarkable 75% surge since November and what the options market signals about its sustainability The fascinating case of MicroStrategy, Bitcoin enthusiasm, and concerning signs of market euphoria How major market positioning could impact year-end trading Why extremely low volatility and deteriorating market breadth may be warning signs The stark divide between mega-cap tech performance and the broader market 00:00 - Welcome to The OpEx Effect - Biggest Options Expiration Ever 00:35 - Why This OpEx Is Different: Record Volumes & Significance 02:06 - Understanding Options Market Growth & Impact 05:07 - Breaking Down the $1.9 Trillion in Options Value 08:42 - Call vs Put Dominance (10:1 Ratio) 15:07 - Record Low Volatility & Market Implications 19:15 - Tesla's 75% Surge Since November 23:30 - MicroStrategy, Bitcoin & Market Sentiment 28:45 - Market Breadth Issues & Mega-Cap Divergence 35:14 - The "Balloon Pop" Theory of Volatility 42:17 - JP Morgan Collar & Market Pinning Effects 47:16 - Cost of Portfolio Hedging at Historic Lows 50:47 - Warning Signs: Margin Debt & Retail Speculation 54:27 - The Problem with MicroStrategy's Premium 58:31 - Market Divergence: "Crocodile Jaws" 1:01:47 - Final Thoughts & Looking Ahead to January 1:04:49 - Closing Remarks & Disclaimer DOWNLOAD THE SLIDE DECK https://spotgamma.com/opex MORE INFORMATION ABOUT SPOTGAMMA ⁠https://www.spotgamma.com⁠ ⁠⁠⁠⁠⁠FOLLOW BRENT ON TWITTER ⁠⁠⁠https://twitter.com/spotgamma⁠ ⁠⁠⁠⁠FOLLOW JACK ON TWITTER ⁠⁠https://twitter.com/practicalquant⁠