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.

It is a New Year in the volatility markets! Host Mark Longo is joined by "Dr. VIX" Russell Rhoads and Mark Sebastian of Option Pit to break down a wild 2025 and peer into the crystal ball for 2026. From the "tariff tantrums" and "taper tantrums" of last year to the rise of 0DTE options and the recent "face ripper" ratio spreads, the team analyzes why the VIX median stayed elevated even without major explosive events. Plus, the moment you've been waiting for: we crown the 2025 Crystal Ball Hall of Fame winners and launch the official 2026 contest!

What's Inside this Episode:

• The Volatility Review: A deep dive into the 2025 "Mad Vol Year." Why was the median VIX so much higher than normal?

• The 0DTE Impact: How zero-day options are reshaping the term structure and long-dated premium.

• VIX Face Rippers: Russell breaks down the bizarre ratio call spreads hitting the tape and what they signal for January and April volatility.

• The Crystal Ball Hall of Fame: We announce the four winners who nailed the 14.95 year-end VIX close within 0.1pt.

• 2026 Predictions: The crew places their bets for the coming year. Can we see a sub-10 VIX, or will the midterms push us toward 17.76?

Key Timestamps:

• [00:00] Introduction and "Happy New Year" Cutoff Debate

• [07:15] 2025 Year-in-Review: The high of 60 and the 14-handle reality

• [15:40] The "Tariff Tantrum" and Fixed Income Volatility

• [22:10] Term Structure Analysis: Why the current curve is "poison" for ETP longs

• [31:45] Russell's Weekly Rundown: Explaining the "Face Ripper" trades

• [45:10] Crystal Ball 2025 Winners Revealed

• [52:30] 2026 Official Predictions & Closing Levels

Connect with the Guest Experts:

• Russell Rhoads: Follow on X @RussellRhoads

• Mark Sebastian: Visit OptionPit.com or follow on X @OptionPit

Support the Network: This episode is brought to you by Tastytrade. See why Investopedia named them the best broker for options in 2024. Visit tastytrade.com/podcasts to learn more.