The market is throwing a massive party following a surprise Middle East deal and Elon Musk's highly anticipated SpaceX IPO. The major indices are ripping higher, and the VIX is crashing hard—briefly touching a 15 handle.

But is this explosive rally a "done deal," or are the markets setting up for a sharp reversal? In this episode, Mark Longo, "Uncle" Mike Tosaw, and Andrew "the Rock Lobster" Giovinazzi kick things off with a bizarre 1980s history trivia challenge before diving headfirst into the madness across the equities and options landscape.

• The Trading Block: Breaking down a wild 2% surge in the S&P and a massive 3% rip in the Nasdaq. Plus, a look at crashing crude, collapsing volatility (VIX & VVIX), and Mama Lobster's exclusive allocation of SpaceX shares.

• The Odd Block: Bizarre, questionable, and "no-bid" options activity in Fiserv Inc. (FISV) after their CEO abruptly jumps ship, and massive call buyers loading the boat on a seemingly impossible weekly strike for Morgan Stanley (MS).

• The Strategy Block: Uncle Mike breaks down a comprehensive case study using a 1-by-2 ratio spread as a powerful stock repair and risk-management strategy for skyrocketing AI plays like AMD.

• Around the Block: What to watch during a truncated holiday week, upcoming FOMC minutes, and what the future holds for the new Fed Chair.