The vol market might be caught in a midsummer lull between truncated holiday weeks, but underneath the surface, there is plenty of drama to slice and dice. In this episode, host Mark Longo welcomes back "Dr. Vix" Russell Rhoads (Indiana University) and Bill Luby (Luby Assessment Management) to dissect a market that seems to be trapped in an anticipatory holding pattern.

The guys dive deep into:

• The Volatility Review: A look at a celebratory but hair-trigger market as VIX cash flirts with the 19 handle.

• The Geopolitical Risk Horizon: Why the market chose to look right past recent Middle East turmoil and what a sub-$70 crude environment means for tech and macro hedging.

• The AI CapEx Arms Race: Tech earnings showdowns, Micron's blockbuster numbers, and why Microsoft's upcoming year-end earnings report could be the ultimate summer volatility catalyst. "Someone has to flinch" on tech spending—who will it be?

• Deep-in-the-Money VIX Puts: Analyzing the massive rise in ultra-deep VIX put spreads. Is it a smart margin play, or just a fun deployment of "entertainment capital"?

• Russell's Weekly Rundown: Breaking down the wild weekly options flows, short call spread ouchies, and drawing lines in the sand at the 17 and 19 strikes.

• Crystal Ball: The crew looks ahead past the America 250 holiday to make their two-week volatility predictions.

A truly wild week in the markets culminated in the historic SpaceX IPO, sending shockwaves through the trading landscape. In this episode, host Mark Longo is joined by special guest Henry Schwartz (The Flow Master, Cboe) and Mark Sebastian (OptionPit) to break down a massive week of intraday swings and shifting volatility structures.

The panel dives deep into the market mechanics behind the $75B SpaceX debut, exploring its staggering $2.2 trillion valuation, retail distribution frenzy, and what to expect when SpaceX options officially launch next Tuesday. Will implied volatility open 20–25% too rich? Could risk reversals yield massive credits for long holders?

Plus, they analyze the macro picture: a potential Middle East peace deal, plummeting oil prices, shifting bond allocations, and why VIX cash flirted with a 22 handle before settling back down. The episode wraps up with a breakdown of VIX options flow (including heavy action on the June 18 puts) and a highly contested two-week Crystal Ball prediction that sees the panel split by over six points.

After months of warning that volatility was being ignored, Dr. VIX finally gets a little revenge.

With the Nasdaq suffering its worst selloff of the year, VIX surging back toward the 20 handle, and volatility returning to the market, Mark Longo and Russell Rhoads break down what sparked the move and whether this is just another dip-buying opportunity or the beginning of a larger shift in sentiment.

The hosts explore the impact of stronger-than-expected jobs data, shifting interest rate expectations, rising concerns about massive AI infrastructure spending, and why companies may soon have less cash available for stock buybacks. They also examine what these developments could mean for equity valuations and volatility traders heading into the summer months.

In this episode:

• VIX surges toward the 20 level
• Nasdaq suffers its worst decline of the year
• Is the AI spending boom becoming a problem?
• Why buybacks may be slowing down
• VIX futures and volatility term structure analysis
• Unusual activity in VIX options
• UVIX, UVXY and VXX trading activity
• Russell's Weekly Rundown
• Crystal Ball predictions for next week

Is this finally the comeback Dr. VIX has been waiting for, or will the bulls once again ride to the rescue?