In this high-voltage Friday edition of the Hot Options Report, Mark Longo breaks down a this day of trading with the Strait of Hormuz back in business, oil prices have plummeted 10%, sending the S&P 500 and the Dow to all-time highs. It took nearly a million contracts just to crack today's Top 10—find out where the "smart money" is moving as the geopolitical "House of Horrors" begins to fade.

On today's report:

• Senate "YAY" Scan: We go deep into the latest Capitol Hill disclosures. What is Senator John Boozman buying? We track his moves in MSFT, NVDA, and VEA.

• The Tech Explosion: Massive volume in Intel (INTC), Meta (META), and Amazon (AMZN) as traders bet on the rally extending into next week.

• MSTR & The Monster Move: MicroStrategy surges nearly 12%! We analyze the 1.5 million contracts that hit the tape.

• Earnings Hangover: While the rest of the market flies, Netflix (NFLX) is feeling the pain. Is there a silver lining in the par strike activity?

• The Tesla Goliath: Nearly 5 million contracts traded in TSLA today. We break down the massive battle at the $400 level.

Stay ahead of the tape with the latest from HotOptionsReport.com .

Is it "opposite day" in the financial markets? In this episode of Volatility Views, Mark Longo is joined by Russell Rhoads (Dr. VIX), Andrew Giovinazzi from Option Pit, and Scott Nations from Nations Indexes to deconstruct a wild week where bad news for the world seemingly became fuel for a massive equity rally.

The team dives deep into the "Bizarro" nature of the current landscape—where a blockade of the Strait of Hormuz resulted in a market surge and a ceasefire triggered explosive upside momentum.

Key topics include:

• The Volatility Review: A look at VIX Cash levels, the collapse of VVIX, and the surprising lack of "flight to quality" in gold and treasuries.

• Bizarro Markets: How the S&P 500 reached new highs despite crude oil remaining significantly elevated.

• RMC Insights: Russell Rhoads shares his top-level takeaways from the latest Risk Management Conference (RMC), including the shift toward buffered ETFs and the latest research on VIX futures reactions to spot.

• VIX Options Flow: A breakdown of massive volume in May and June strikes, including a look at the "Scott Nations Special" deep out-of-the-money calls.

• The Crystal Ball: The team peers into the future to predict where the VIX and Volley will land next week.

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Is it time to give the markets the "Big Adios"? Host Mark Longo and guest Dan Gramza of Gramza Capital Management break down an explosive week in the futures options markets. From relief rallies in equities to the curious behavior of the "safe haven" play in gold, we're dissecting the top movers and the most aggressive options paper hitting the tape.

• Movers & Shakers: A heavy bias toward the light side this week. We analyze the 8% surge in Hard Red Wheat and the massive 4.7% climb in the NASDAQ 100.

• Equities Spotlight: S&P 500 (ES) is hitting new all-time highs. Is this the "mother of all relief rallies," or are new sellers preparing a trend change? Plus, a look at the heavy 0DTE action around the 7100 level.

• Metals (Copper & Gold): Dan explains why he's skeptical of the copper rally and shares a "Big Adios" level for the red metal. We also explore the broken traditional playbook for gold during Middle East conflicts and its relationship with the 10-year yield.

• Energy (WTI Crude Oil): Crude is vacillating near the $91 mark. We break down the June par calls, the $65 puts, and why the "hopium" regarding Middle East de-escalation is driving the current term structure.

Check out the Movers & Shakers report and more at CMEGroup.com/TWIFO .