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.

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.

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.

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.

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.

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.

• Mark Longo: Founder, Options Insider Media Group

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

Geopolitical drama is back on the menu, and the futures options markets are feeling the heat. In this episode of This Week in Futures Options (TWIFO), Mark Longo breaks down a wild week where nearly every complex saw a volatility explosion. From potential trade wars to "Greenland drama," we explore how the tape is reacting at CME Group.

On today's episode, we dive into:

• The Volatility Spike: A look at the CVOL (CME Volatility Index) across the board. Why Treasury vol is roaring back to life (up 10 points) and Energy is pining the needle at 69.35.

• Natural Gas Mania: Nat Gas jumps a staggering 57% as the polar vortex hits.

• Metals & FX: Precious metals explode in both price and vol, while FX vol gains a full point on trade war chatter.

• The Dark Side: Bitcoin slides over 8%, leading the losers alongside Palladium and Copper.

• Nasdaq vs. Small Caps: We analyze the pronounced rotation out of large-cap tech and into small caps.

• Zero-DTE Action: A deep dive into the massive paper hitting the Nasdaq-100 (NQ), where 0-DTE contracts dominated 43% of the weekly flow.

• The March Skew: Why traders are paying a premium for March 24,000 puts in the Nasdaq and what it means for the next 60 days of market risk.

• Call Discounts: Is the 13.5% discount on March calls a buying opportunity or a warning sign?

• Geopolitical Impact: How the "Greenland deal" headlines and Middle East tensions are impacting WTI and precious metals.

Is Silver the new meme stock? Are Small Caps finally ready to lead the pack?

Join Mark Longo of The Options Insider and special guest Rich Excell from the University of Illinois (and the Stay Vigilant Substack) as they break down a historic week in the futures options markets. From parabolic moves in metals to a massive rotation within the equity space, the guys analyze the data you can't find anywhere else.

• The Great Equity Rotation: Why tech is taking a backseat as the Russell 2000 (RUT) explodes. Is this the "mean reversion" trade of the decade?

• Silver's Parabolic Run: Silver is up over 20% in a week. We look at the "price insensitive" buying and the wild 120/125 call spreads hitting the tape.

• Treasury Volatility Collapse: With Treasury price vol hitting anemic lows, Rich explains why he's looking at asymmetric put butterflies to hedge against a yield backup.

• Movers & Shakers: A 70/30 split to the green side at CME Group this week. We analyze the carnage in Nat Gas versus the "heater" in Platinum and Soybean Oil.

• Crypto Divergence: Why the tech use cases for Ethereum and Solana are starting to outpace Bitcoin in the eyes of the market.

• Skew Analysis: Why silver calls remain bid despite the massive price surge.

• RUT Options: Analyzing the heavy flow in the March 2500/2400 put spreads.

• CVOL Insights: Tracking the surge in Metals vol versus the "nothing burger" in Treasury yield vol.

• Follow Rich Excell: @ExcellRichard or his Substack, Stay Vigilant .

• Track the Data: CME Group QuikStrike/TWIFO

• Go Pro: TheOptionsInsider.com/Pro