A historic rout in the precious metals markets steals the spotlight this week on Volatility Views. From silver's massive 25% intraday drop to the naming of a new (and hawkish) Fed Chair nominee, the panel breaks down why the "Metals Apocalypse" might be a canary in the coal mine for the broader equity markets.

Join Mark Longo, Dr. Russell Rhoads, and Mark Sebastian as they navigate a high-velocity week of volatility, earnings, and unusual institutional positioning in the VIX.

The Silver Slump

The "Meme-ification" of silver reached a breaking point this week. After months of triple-digit volatility levels, silver prices cratered 25% in a single session. The panel discusses whether this 46-year historic event suggests a broader 20% retracement for the S&P 500 is on the horizon.

Fed Chair Shakeup

The market reacted negatively to the news of Kevin Warsh potentially taking the helm at the Fed. While he has campaigned for lower rates, his history as an inflation hawk has traders worried about a return to a strict "dual mandate" focus that might not be as market-friendly as the Powell era.

Unusual VIX Activity

Despite the market sell-off, we aren't seeing "panic" buying in near-term VIX options. Instead, institutional paper is flowing into March and April, including a massive 80,000-contract diagonal spread involving June 47.5 calls. Is it a hedge, or just a sophisticated carry trade?

"When gold and silver catch a cold, the miners catch every single disease you could possibly catch from the Oregon Trail. They're getting dysentery, typhoid, and malaria all at once." — Mark Sebastian

"If you blink, you miss a move up in VIX futures. That's the only opportunity to make money being long them, and it leads to massive upside fatigue." — Dr. Russell Rhoads

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The Council of Elders Reconvenes: The Greenland Siege and the Power of Gamma

In this episode of Volatility Views, the Council of Elders—Mark Longo, Russell Rhoads, and Mark Sebastian—gather at the Hall of Wisdom to break down a week of market madness that would make Skeletor blush. From VIX spikes driven by "Greenland Siege" headlines to the massive $100 breakout in Silver, the team analyzes the forces reshaping the volatility landscape.

• The Volatility Review: The team breaks down the "Greenland Whipsaw." We look at the VIX Cash flirting with a 20 handle before "deal" headlines sent vol crashing back to the Pit of Peril.

• Attack of the Zero DTEs: Huge news from NASDAQ! The Elders discuss the launch of daily options on individual equities. Is this a boon for traders or a "Snake Mountain" trap of contra-exercise risk?

• VIX Term Structure & Tactical Flow: Russell and Mark dive into the Feb/March roll and the staggering volume in Feb 25 and 35 calls. Plus, a look at the "Hero's Journey" for Silver as it hits the par strike.

• Vol Death Match 2.0: Get ready for the ultimate showdown between the Flow Master and Scott Nations. Two men enter, one man emerges—you decide the victor at theoptionsinsider.com/pro .

• Eternia Nostalgia: The crew is "unreasonably excited" for the new Masters of the Universe movie. We discuss the teaser for the teaser, the lack of "CGI roids" on the new He-Man, and why a Snake Mountain popcorn bucket is a mandatory purchase.

• Mark Longo: The Options Insider

• Russell Rhoads: Indiana University

• Mark Sebastian: Option Pit

In this episode, Mark Longo is joined by Dr VIX Russell Rhoads and Andrew Giovinazzi (The Rock Lobster) to conduct a "post-mortem" on 2025 and break down the surprising trends defining the start of 2026.

The team dives deep into the VIX/SPX correlation breakdown, exploring why the traditional inverse relationship failed many traders last year. Russell brings the hard data, revealing how 2025 nearly set a record for the highest inverse correlation—making diversification more difficult than ever.

Topics covered in this episode:

• Volatility Review: A look at the "yo-yo" week in the S&P and the recent firmness in VIX Cash.

• The Correlation Myth: Why "buying the dip" worked but "shorting vol" was a losing battle in 2025.

• VIX Term Structure: Analysis of the Jan/Feb futures and the 100% premium to realized volatility.

• VIX Options Flow: Breaking down the massive activity in Jan 17 calls and the persistent "magic" of the 15 puts.

• The Crystal Ball: The team places their bets for next week's VIX close and debuts their 2026 year-end predictions.