February 18th, 2026 LIVE Stocks, Options & Futures Trading with Pros!(Market Open, Last Call & More)

Summary

Part 1

Summary of YouTube Transcript Segment - Free Market (Part 1 of 10)

The segment begins with informal banter between the hosts, establishing a conversational tone. It quickly transitions into a discussion of their recent personal experiences, primarily focusing on a trip to San Diego and a paragliding adventure. This sets the stage for a more relaxed, anecdotal style before moving into financial news.

Personal Anecdotes & Experiences:

One host recounts a trip to San Diego with their parents, including paragliding in Torrey Pines State Park. They detail the experience, including the attempt to high-five people during the glide, the required waiver (emphasizing the disclaimer of liability), and weight restrictions for participants. The host notes the necessity of strong winds for the activity and the cost of approximately $200. A brief, somber aside is made regarding a personal connection to San Diego – the host’s father’s past incarceration there. Another host shares a more relaxing trip to Florida, detailing beach time, bike rides, and enjoying local cuisine like shrimp boils and mahi-mahi. They differentiate their Florida experience from the other host’s, noting they were in a more seasonal, northern part of the state. A discussion about home security while traveling arises, with one host relying on neighbors ("pit bulls" and "Karens") and the other having a professional service. The conversation then shifts to a recent purchase – a 16-year-old son receiving a 13-foot boat with a motor, complete with a boating license, and a playful suggestion of a future jet ski purchase.

Financial News & Market Commentary (The Daily Dose):

The segment then transitions into "The Daily Dose," covering key financial news headlines.

• Bonds: The hosts discuss the movement of the 10-year Treasury towards 4%, linking it to "AI anxiety" in the markets. They mention a $4,000 move in bonds and suggest a potentially short directional play.
• US Dollar: The weakening of the US dollar is addressed, with commentary on its relationship to the Euro and other currencies (Aussie, Canadian, Mexican Peso, Swiss Franc).
• Gold & Silver: A volatile situation in precious metals is highlighted. Gold briefly fell below $5,000 before rallying, while silver experienced similar fluctuations. They note lower implied volatility in both metals, suggesting potential opportunities. Ivy Ranks for Gold and Silver are mentioned (57 and 55 respectively).
• Coinbase: The hosts discuss Coinbase's post-earnings rally despite an earnings miss, noting its continued struggle to break above key moving averages. A preference for Robinhood (Hood) over Coinbase is expressed.
• Stripe: The potential IPO of Stripe is mentioned, with a note that the timing may be less favorable now.
• Prediction Markets: The ongoing battle between the CFTC and state governments over the regulation of prediction markets (like Khi and Poly Market) is discussed.
• Palantir: Palantir's move of headquarters to Miami is reported, linking it to tax benefits and a trend of billionaires relocating to Florida.
• Apple: Apple's recent stock performance is highlighted as a stabilizing force in the market, despite broader concerns. Its low correlation to the market is noted.
• Wendy's: The planned closure of 6% of Wendy's US locations is reported, with the stock having lost half its value in the past year.
• McDonald's: The return of the Shamrock Shake is mentioned.
• Pokemon Card Sale: A record-breaking sale of a Pikachu Illustrator Pokemon card for $16.4 million (originally purchased for $5.2 million) is reported, with the buyer identified as SkyBridge Capital founder Anthony Scaramucci.
• Boeing: Boeing's acquisition of Spirit Aerosystems is finalized with FTC approval.

Technical Terms & Concepts:

• Ivy Rank: A proprietary metric used by the hosts to assess market sentiment and potential trading opportunities.
• Capex: Capital Expenditure - funds used by a company to acquire, upgrade, and maintain physical assets.
• Delta: A measure of an option's price sensitivity to a one-dollar change in the underlying asset's price.
• Volatility Contraction: A decrease in the range of price fluctuations in a market.
• Moving Averages (50-day, 200-day): Technical indicators used to identify trends in stock prices.
• Death Cross: A bearish chart pattern where a stock's 50-day moving average crosses below its 200-day moving average.
• Scoopy Scoopy: A term used by the hosts to describe a potential short-term trading opportunity.
• High Five: A playful gesture during paragliding, highlighting the risk involved.

Key Arguments/Perspectives:

• The hosts express skepticism towards certain hyped investments (e.g., Bitcoin, some crypto stocks).
• They emphasize the importance of diversification in investment portfolios.
• They highlight the volatility and risks associated with certain market segments (e.g., precious metals, tech stocks).
• They demonstrate a pragmatic approach to trading, focusing on identifying opportunities based on market dynamics and technical indicators.

Notable Quotes:

• “It’s basically, we are not liable for anything.” (Regarding the paragliding waiver)
• “Will I make it another year?” (Referring to the host’s annual birthday tradition of engaging in risky activities)
• “You go on the mountain or you high five someone.” (Humorous observation about paragliding)
• “Bitcoin cut in half is scary.” (Expressing skepticism towards Bitcoin)
• “I’m missing the part of my brain that tells me things are like scary or a bad idea.” (Host’s self-deprecating comment about risk tolerance)
• “I don’t know if this if they lose this bid and this gets resolved. I don’t know if it’s if it’s a buy at that point, but something needs to happen for Netflix cuz it has zero momentum.” (Regarding Netflix's future)
• “Money is not real.” (Commenting on the exorbitant price of the Pokemon card)

The segment concludes with a preview of upcoming segments, including "Options Jive," "What's Your Assumption?", "Tasty Extra," and "Live from the Trade Desk."

Part 2

Summary of TastyLive Segment (Part 2 of 10)

This segment of TastyLive primarily revolves around market commentary, trade adjustments, and a discussion of portfolio diversification strategies. The conversation begins with casual discussion about giving up habits for Lent, quickly transitioning into a notable anecdote about Logan Paul’s purchase and resale of a Pikachu Illustrator Pokémon card for $16.4 million (originally $5.2 million), purchased from Capital founder AJ Scaramucci. This serves as a brief, attention-grabbing aside before delving into more substantive market analysis.

Market Overview & Volatility: The segment opens with a review of market performance, noting the E-mini S&Ps up around 15 handles, NASDAQ up 57, Russell down a dollar, and Dow up 80. Volatility (VIX) is observed to be relatively unchanged around 20.38, with a key point being the need for it to fall below 20 for a sustained market rally. Bond yields are down slightly, while Bitcoin is down $600, and oil is up $1.70. Gold is a significant mover, up $73, and silver is up almost 5%.

Trade Adjustments & Strategies: Several specific trade adjustments are discussed:

• Silver Trade: One trader details a delta-neutral silver strategy involving short calls in SLV (iShares Silver Trust) offset by long SIC (CME Group Silver Futures) contracts. The goal is to profit from time decay and potential volatility contraction, while limiting directional risk.
• TSM (Taiwan Semiconductor Manufacturing) Butterfly: A previously established call ratio spread in TSM is adjusted into a wider butterfly spread centered around $400-$410, aiming to capitalize on a potential range-bound move. The adjustment involved buying the 420 and 440 calls for a $4.75 debit.
• SOFI (Social Finance) Position: A long stock and short put position in SOFI is mentioned, with calls previously sold being closed out for a profit.
• S&P 500 Trade: A new short call spread is initiated on the S&P 500, selling the 550 call.

Portfolio Diversification & Risk Management: A significant portion of the segment focuses on portfolio diversification. Key arguments presented include:

• Balancing Probability & Payout: Higher probability trades offer lower payouts, while lower probability trades offer higher potential returns. A balanced portfolio should incorporate both.
• Asset Class Diversification: Spreading investments across different asset classes (stocks, options, futures, commodities) reduces overall portfolio risk.
• Volatility Diversification: Including assets with varying levels of volatility (e.g., Tesla vs. TLT) is crucial.
• The Importance of Hedging: While complete hedging against large market downturns (like a COVID-style crash) is impossible, strategic hedging can mitigate losses. Short volatility strategies can be effective, but timing is critical.
• Diversification as a Long-Term Strategy: Diversification isn't just a short-term tactic; it's a fundamental principle of sound portfolio construction.

Key Quotes:

• “Money is not real.” (Casual remark during the Pokémon card discussion)
• “You have to pick a team.” (Regarding whether to be a premium seller or buyer)
• “When you have these big volatility events, everything kind of moves together.” (Highlighting the correlation during market stress)
• “You can’t hedge 25% and participate to the upside 25%.” (Illustrating the trade-off between risk reduction and potential gains)

Technical Terms & Concepts:

• IV Rank: A measure of implied volatility relative to its historical range.
• Delta: A measure of an option's sensitivity to changes in the underlying asset's price.
• Gamma: A measure of the rate of change of an option's delta.
• Straddle: An options strategy involving buying a call and a put with the same strike price and expiration date.
• Butterfly Spread: An options strategy designed to profit from limited price movement in the underlying asset.
• Call Ratio Spread: An options strategy involving buying and selling calls at different strike prices.
• SIC (Silver Futures): CME Group Silver Futures contract.
• SLV (iShares Silver Trust): An ETF tracking the price of silver.
• Volatility Clustering: The tendency for periods of high volatility to be followed by periods of high volatility, and vice versa.
• Forward/VX: A volatility index based on options on the VIX.

Data & Statistics:

• Pokémon Card Sale: Pikachu Illustrator card sold for $16.4 million (originally purchased for $5.2 million).
• S&P 500 Expected Move: Approximately 44 points.
• Diversification Impact: A diversified portfolio exhibited 73% less P&L volatility compared to a portfolio concentrated in a single stock.
• Gold Price Movement: Up $73.
• Silver Price Movement: Up almost 5%.

The segment concludes with continued market monitoring and further trade adjustments, emphasizing the dynamic nature of trading and the importance of adapting to changing market conditions. The discussion highlights a preference for short volatility strategies, but acknowledges the challenges of timing those trades effectively.

Part 3

Mo discusses recent trades and market observations, focusing on risk management and identifying opportunities. He closed out SoFi calls at a $120 profit (now trading at $50), maintains a long stock position in SoFi (around $18) with short puts, and highlights the risk involved. He then shifts to S&P trades, noting a high expected move of 44, and details a diagonal spread strategy involving buying back calls at $20 (previously $7, now $1.50) on Meta, acknowledging a loss but emphasizing the hedge diversified and mitigated half the loss.

He executed an S&P trade, selling premium at 550, utilizing a 20 delta short on each side with a $15 width, based on research. He also initiated a one-by-two strangle in gold (around $5,000), selling 20 delta calls and puts (two calls to one put), resulting in a net short 20 delta position. He briefly scalped a silver contract for a small profit.

Mo emphasizes the importance of defining risk, referencing strategies like short put vertical spreads and iron condors. He notes Microsoft’s underperformance compared to other “Magnificent Seven” stocks and Apple’s low correlation (0.27) with the market. He highlights positive movements in Goldman Sachs, gold ($9 to $970), silver (almost $4), and JP Morgan.

He then details a successful S&P strangle closed for $660, generating a $266 profit (approximately 25%) in 12 calendar days/7 trading days. He acknowledges the temptation to repeat the trade. He reiterates the adage "the wins are never big enough, the losses are never small enough."

He discusses AMD, closing calls on a strangle at $110 and considering closing the put, and mentions an at-the-money straddle. He also mentions a potential adjustment to peel off the put if the stock moves back to $200.

TP joins the segment and discusses the current market, noting the surge in the S&P 500 and Nasdaq. He points out that Meta is the only underperforming “Magnificent Seven” stock due to news about its use of Nvidia chips. He criticizes the idea of alien existence, citing physics and the impossibility of overcoming time and space. He then reviews cherry picks, focusing on the significant decline in Bitcoin and other cryptocurrencies since October, with a 50% drop in value. He highlights the high correlation between Bitcoin, Ethereum, and XRP. He identifies MARA (Mara Group) as a potentially interesting Bitcoin mining stock due to its negotiations with the French government for a data center subsidiary, providing access to infrastructure and the French national electric system. He notes the lack of liquid options for many crypto-related stocks.

Technical Terms/Concepts:

• Delta: A measure of an option's price sensitivity to a $1 change in the underlying asset's price.
• Diagonal Spread: An options strategy involving buying and selling options with different strike prices and expiration dates.
• Strangle: An options strategy involving buying an out-of-the-money call and an out-of-the-money put with the same expiration date.
• Short Put: Selling a put option, obligating the seller to buy the underlying asset if the option is exercised.
• Iron Condor: A neutral options strategy involving selling an out-of-the-money call spread and an out-of-the-money put spread.
• Implied Volatility (IV): A measure of the market's expectation of future price fluctuations.
• Magnificent Seven: A group of seven large technology companies (Apple, Microsoft, Alphabet, Amazon, Nvidia, Tesla, and Meta).
• Bid-Ask Spread: The difference between the highest price a buyer is willing to pay (bid) and the lowest price a seller is willing to accept (ask).
• Monkey Hammered: A colloquial term for a significant and rapid price decline.
• Poly Market: A prediction market where users can bet on the outcome of future events.
• Data Center: A facility used to house computer systems and associated components.

Data/Statistics:

• SoFi calls sold at $120, now trading at $50.
• S&P expected move: 44.
• Meta call sold on the 10th, went from $7 to $1.50 in 8 days.
• S&P up 16 points.
• S&P strangle closed for $660 profit ($266, approximately 25% in 12 days/7 trading days).
• Apple correlation with the market: 0.27.
• Gold up $9 to $970.
• Silver up almost $4.
• Bitcoin down 50% since October.
• Ethereum, XRP, and other cryptocurrencies down significantly (similar to Bitcoin).
• MARA down 60% over the past few months.
• S&P up 57 points.
• Nasdaq up 290 points.
• Russell up 36 points.
• Volatility up 42 cents to 1980.
• Bitcoin down 400.
• Ethereum down 400.
• XRP down 400.
• Correlation between Bitcoin, Ethereum, and XRP: 90%.

Part 4

Summary of TastyLive Segment (Part 4 of 10)

This segment focuses on a discussion of current market conditions, specific stock and options trading strategies, and a Q&A session addressing viewer questions. The conversation revolves around identifying potential trading opportunities in a volatile market, particularly within the crypto mining sector and broader market indices.

1. Main Topics & Key Points:

• Crypto Mining Stocks as Infrastructure Plays: The discussion begins by clarifying that crypto mining stocks aren't simply bets on cryptocurrency prices, but rather investments in the infrastructure (data centers, server power) required for mining. Falling crypto prices directly impact the profitability of these companies.
• MARA (Mara Group Inc.) Analysis: MARA is highlighted as a potentially interesting stock due to its negotiation to acquire a controlling stake in a French national electricity company’s data center subsidiary, securing both infrastructure and energy access. Despite being a weaker performer (down 60% in recent months), its relatively high IV Rank and liquid options make it attractive for short-term trades.
• Options Trading Strategy with MARA: A specific trade is proposed: selling the $6 put option in March expiration for MARA. This is justified by the stock’s $7 price, high IV Rank (94%), tight bid-ask spread, and an 82% probability of capturing maximum profit with a buying power effect of around $230. The strategy is geared towards small accounts seeking low-capital exposure to the crypto mining space.
• Additional Trade in Block (SQ/XYZ): Puts are also mentioned as being sold in Block (formerly Square), citing its involvement in blockchain technology beyond just cryptocurrency.
• Market Sentiment & Fed Minutes: The segment acknowledges a bullish sentiment among fund managers (Bank of America study) and anticipates potential volatility around the upcoming FOMC minutes release.
• FX Market Analysis: Glenn provides an overview of the FX market, noting a bounce in the US dollar against the Japanese Yen (USD/JPY) and a slight downside in Euro/Dollar (EUR/USD) following ECB President Lagarde’s announcement. He highlights the importance of monitoring the US dollar/Canadian dollar (USD/CAD) pair, which has shown six consecutive days of upside.

2. Examples, Case Studies & Real-World Applications:

• MARA as a Case Study: The analysis of MARA exemplifies how to identify potential trading opportunities by looking beyond the underlying asset (Bitcoin) and focusing on the company’s strategic positioning and infrastructure development.
• Punish Pixels’ ES Trade: A successful ES (E-mini S&P 500) trade recommended by a viewer ("Punish Pixels") is highlighted, demonstrating the value of community-sourced trading ideas.
• Box Trades: The discussion of "box trades" (collateralizing margin accounts with cash for interest) illustrates a traditional trading tactic and its potential drawbacks, particularly the opportunity cost of tying up capital.

3. Step-by-Step Processes & Methodologies:

• Options Trade Selection Criteria: The segment outlines a process for identifying suitable options trades: focusing on stocks with liquid options, high IV Rank, and tight bid-ask spreads.
• Ratio Spread Construction: The discussion of hedging strategies includes a brief explanation of how to construct a call ratio spread (selling one call and buying two at a higher strike price) as a potential hedge.

4. Key Arguments & Perspectives:

• Focus on Options, Not Just the Story: The primary argument is that successful trading relies more on understanding options mechanics (liquidity, volatility, probabilities) than on fundamental analysis of the underlying stock.
• Under-Hedging vs. Over-Hedging: The traders advocate for under-hedging positions rather than over-hedging, suggesting a more nuanced approach to risk management.
• The Value of Community-Sourced Ideas: The success of Punish Pixels’ trade highlights the benefits of leveraging community knowledge and shared trading strategies.

5. Notable Quotes:

• “I don’t care about the story. I really don’t. I care about the options.” – Trader emphasizing the importance of options mechanics over fundamental analysis.
• “It kills two birds with one stone.” – Referring to MARA’s acquisition of a data center and access to the French national electric system.
• “Puts are neutral, too. Especially out of the money puts.” – Highlighting the versatility of put options.

6. Technical Terms & Concepts:

• IV Rank (Implied Volatility Rank): A measure of an option’s implied volatility relative to its historical range. A high IV Rank suggests the option is relatively expensive.
• Bid-Ask Spread: The difference between the highest price a buyer is willing to pay (bid) and the lowest price a seller is willing to accept (ask). A tight spread indicates high liquidity.
• Delta: A measure of an option’s sensitivity to changes in the underlying asset’s price.
• Ratio Spread: An options strategy involving buying or selling different numbers of calls or puts with the same expiration date but different strike prices.
• Back Ratio Spread: A specific type of ratio spread where more options are sold than bought.
• FOMC Minutes: The record of discussions held by the Federal Open Market Committee (FOMC) regarding monetary policy.
• Portfolio Margin: A margin account that allows traders to leverage their entire portfolio rather than individual positions.
• Beta Weighted Portfolio: A portfolio constructed to match the risk characteristics of a specific market index.

7. Data & Research Findings:

• MARA Performance: Down 60% over the past few months.
• MARA IV Rank: 94%.
• MARA Put Option Trade: 82% probability of capturing maximum profit.
• Bank of America Study: Fund managers are more bullish than they have been since 2021.
• USD/JPY: Up approximately 0.5% on the day.
• EUR/USD: Slight downside movement.
• USD/CAD: Six consecutive days of upside.
• SPX: Up 58 points during the segment.
• Volatility: 19.75.

Part 5

Summary of TastyTrade Segment (Part 5 of 10)

This segment focuses on a discussion of trading strategies, market observations, and specific trade ideas, interspersed with personal anecdotes and commentary on current market conditions. The conversation ranges from the mechanics of using capital efficiently to analyzing earnings reports and identifying potential trading opportunities.

1. Capital Allocation & "Boxing" Money: The discussion begins with the concept of efficiently utilizing capital. Holding excess cash in a brokerage account incurs opportunity cost due to interest paid on margin. While “boxing” money (essentially leaving funds untouched for potential trades) was a common practice for older traders, it’s now less necessary due to the availability of other investment vehicles. The speakers caution against tying up capital unnecessarily, especially if it’s needed for active trading. A humorous anecdote about offering to “box” a relative’s money highlights this point. The key takeaway is to avoid paying interest on unused funds while acknowledging the benefit of having readily available capital in portfolio margin for quick deployment.

2. Portfolio Margin & Opportunity Cost: The benefit of portfolio margin is highlighted – the ability to quickly capitalize on market movements even with funds already allocated. The example given is being able to sell a position in silver if it hits $100, even if capital is tied up in other positions. However, this is balanced with the warning to avoid situations where interest paid exceeds potential gains.

3. SPX Put Spread Strategy: A new daily strategy is introduced: a $10 wide SPX put spread for $250. The goal is to profit fully from the spread or close it for a small loss of $5 (acting as a stop-loss). The strategy is based on the principle that one winning trade should offset one losing trade. The speakers emphasize the importance of managing the trade and avoiding significant losses if the market makes a large, rapid move.

4. Earnings Trade Analysis – Walmart & Other Stocks: The conversation shifts to analyzing potential earnings trades. Walmart is identified as a stock with significant recent gains, making it potentially risky for a long-earnings play. Other stocks on a list (Carvana, CDE, PAS, DoorDash, etc.) are briefly mentioned, with a focus on Walmart due to its high valuation. The speakers express caution about trading Walmart ahead of earnings, noting its transformation into a “tech company” and the potential for a volatile reaction.

5. Calendar Spread on Walmart: A calendar spread strategy on Walmart is discussed, involving selling a near-term put option and buying a longer-dated put option. The goal is to profit from time decay and potentially benefit from a stable or slightly declining stock price. The speakers analyze the premiums and strike prices, ultimately opting for a calendar spread expiring in March.

6. Pair Trade Idea – SMH vs. IGV: A potential pair trade is proposed: shorting the iShares Semiconductor ETF (SMH) and going long the iShares Expanded Tech-Software Sector ETF (IGV). This is based on the observation that SMH has been consistently rising while IGV has been declining. The rationale is that the divergence between the two ETFs represents an extreme and may be poised for a reversal. The trade is structured as a 5:1 ratio (5 shares of IGV for every 1 share of SMH) to achieve notional value parity.

7. Reverse Big Lizard Trade in EM (Emerging Markets): A reverse big lizard strategy is considered for the iShares MSCI Emerging Markets ETF (EM). This involves selling an at-the-money straddle (a call and a put with the same strike price and expiration date) and buying a further out-of-the-money call to limit risk. The speakers discuss the benefits of this strategy in a relatively stable market and the importance of managing risk.

8. Trade Review & Twitter Interaction: The segment includes a review of existing trades, including a calendar spread on Apple (AAPL) and a silver put spread. They also address questions from viewers on Twitter, offering advice on trade management and risk assessment. A specific question about a put spread in AAPL leads to a discussion of closing the trade for a small loss or scratch, rather than risking a larger loss.

9. Key Quotes:

• “I wouldn’t be using money into boxes if you need that money to trade.” – Emphasizing the importance of liquidity.
• “Beat it, nerd.” – A humorous reference to a trading floor saying.
• “How many wins do you need to make up a loss?” – A central theme in the discussion of risk management.
• “I’m afraid of Walmart earnings, but almost.” – Reflecting the potential volatility of the stock.

10. Technical Terms:

• Portfolio Margin: A margin account that allows traders to borrow more funds than a standard margin account, offering greater flexibility but also increased risk.
• SPX Put Spread: A bearish options strategy involving buying a put option and selling a put option with a lower strike price.
• Calendar Spread: An options strategy involving buying and selling options with different expiration dates.
• Ratio Spread: An options strategy involving buying and selling different numbers of options with the same strike price and expiration date.
• Reverse Big Lizard: An options strategy involving selling an at-the-money straddle and buying a further out-of-the-money call.
• Straddle: An options strategy involving buying a call and a put option with the same strike price and expiration date.
• GTC (Good-Til-Canceled): An order to buy or sell a security that remains active until it is executed or canceled.
• Notional Value: The total value of a trade, calculated by multiplying the number of shares or contracts by the price.
• VIX (Volatility Index): A measure of market volatility.

This segment provides a detailed look into the thought process of experienced traders, highlighting the importance of risk management, capital allocation, and adapting strategies to changing market conditions. The blend of technical analysis, personal anecdotes, and viewer interaction creates a dynamic and informative discussion.

Part 6

Summary of TastyLive Segment (Part 6 of 10)

The segment focuses on a real-time market discussion and trade analysis, covering various asset classes and trading strategies. The traders, Glenn, Jamal, and Mikey, analyze market movements, share trade ideas, and dissect potential risks and rewards.

Market Overview & Asset Class Performance:

The discussion begins with a snapshot of market performance: E-mini NASDAQ up 50, Nasdaq up 300+, Dow up 250, Russell up 25. Bitcoin and Ethereum are flat. Crude oil is up 3-3.5%, natural gas down 1%, gold up 2%, silver up almost 6% (highly volatile). Corn, soybeans, and wheat saw a morning pop, with soybeans now flat. Earnings reports from SanDisk (up 4%) and Pan W (down almost 6%) were noted.

Key Trade Discussions & Strategies:

• SPX Butterfly: Mikey details a downside butterfly trade in the S&P 500, utilizing a 100-point wide butterfly (6600/6700/6800 strike prices in March) to hedge against potential sell-offs. He highlights the benefit of this strategy in capitalizing on volatility and reducing risk, particularly when combined with an existing iron condor. He later adds a new super bear butterfly, selling a 6950/6960 call spread and buying a 6875/6865 put spread. PM settlement is preferred for this trade to avoid set price variability.
• QQQ & Long-Term Investing: The conversation touches on the success of long-term QQQ investments, noting the significant returns over 15-30 years (QQQ trading at $600 now vs. $40 in the past). This leads to a discussion about identifying similar investment opportunities today, with tech being a favored sector due to its continuous advancement.
• Dollar & Currency Pair Analysis: The traders analyze the US dollar's performance, noting its unexpected strength despite mixed signals. They discuss the Euro/Dollar (EUR/USD) pair, highlighting the psychological importance of the 1.18 level. They also examine the Australian Dollar/New Zealand Dollar (AUD/NZD) pair, noting the Reserve Bank of New Zealand's less hawkish stance impacting the NZD. The US Dollar/Japanese Yen (USD/JPY) is also discussed, with a recent leg higher after a previous drop.
• Oil (CL) Iron Condor: Mikey discusses an existing iron condor in crude oil, aiming to profit from continued range-bound trading.
• Shop (SHOP) Put: A short put position in SHOP was closed for a profit.
• Nvidia (NVDA) Covered Call: A discussion about adjusting a long-term covered call in Nvidia, considering rolling down the call option to capitalize on increased premium due to market rally.

Technical Concepts & Terminology:

• Backwardation/Contango (VIX Futures): The VIX futures market briefly experienced backwardation (futures prices lower than spot) but has returned to contango (futures prices higher than spot).
• Implied Volatility (IV): Used to assess the potential price swings of an asset.
• Iron Condor: A neutral options strategy involving selling an out-of-the-money call and put spread.
• Butterfly Spread: An options strategy designed to profit from limited price movement.
• PM Settlement vs. AM Settlement: PM settlement (settled to the closing price) is preferred for SPX options due to greater control and predictability compared to AM settlement (settled to a set price).
• Curve Analysis: A tool used to assess the probability of different price movements.
• IV Rank: A measure of implied volatility relative to its historical range.
• Defined Risk: A trading strategy where the maximum potential loss is known upfront.
• Extrinsic Value: The portion of an option's premium attributable to time until expiration and volatility.
• Pip: The smallest price movement in a currency pair.

Key Arguments & Perspectives:

• Market Irrationality: The traders acknowledge the unpredictable nature of the market, emphasizing that correlations can break down and that attempting to "solve" the market is futile.
• Dollar Strength: There's a bullish outlook on the US dollar, despite conflicting signals, with a belief that it has room to run.
• Importance of Risk Management: Stress is placed on managing risk, particularly in portfolio margin accounts, and the need to be able to withstand significant market sell-offs.
• Technical vs. Fundamental Analysis: The discussion blends technical analysis (chart patterns, price levels) with fundamental considerations (economic data, central bank policy).

Notable Quotes:

• "You can map out all the factors behind an asset class, but day in day out, which one dictates the move can be different every day." - Glenn
• "The more you think about it, the more you bang your head against the wall, the more it becomes clear that you can't solve the market." - Jamal
• "It's just as hard now, what would you point to now? The same thing? You have no idea." - Mikey (referring to finding a new QQQ-like investment)
• "Inflation will continue to inflate asset prices and reduce the value of current cash." - Jamal

Data & Statistics:

• QQQ has risen from $40 to $600 over 15+ years.
• Oil's 9-day Average True Range is 3%.
• Implied move in S&P is 15 points (low volatility).
• Silver up 6%, Gold up 2% on the day.
• EUR/USD trading at lows, pressing yesterday's pre-market levels.

The segment concludes with a discussion of potential trades and a reminder of resources available on TastyLive and TastyTrade.

Part 7

Summary of TastyLive Risk & Reward & Futures Power Hour Segment (February 18, 2026)

This segment, spanning both Risk & Reward and Futures Power Hour, focuses on market analysis, trade ideas, and risk management strategies amidst geopolitical uncertainty (potential conflict with Iran) and evolving economic data. The discussion covers equity indices (SPY, QQQ, NASDAQ), individual stocks (Meta, Netflix, Nvidia, Amazon, Walmart, MGM, Palantir, Software sector), commodities (Oil, Gold), and options strategies (Iron Condors, Call Spreads, Put Spreads).

1. Main Topics & Key Points:

• Geopolitical Risk (Iran): The potential for military action involving Iran is a significant market driver, impacting oil prices (up ~5%) and gold (up), but not yet translating into widespread equity market fear. The speakers debate whether the market is underestimating the potential impact.
• Equity Market Resilience: Despite geopolitical tensions, the equity market (particularly the NASDAQ) is showing strength, driven by positive economic data (industrial production) and a rebound in previously struggling sectors like software. However, the speakers express caution, noting the market is running into technical resistance.
• Volatility Dynamics: VIX (S&P 500 volatility index) is declining despite rising commodity prices, suggesting a lack of broad-based fear. OVX (oil volatility index) is increasing, creating a divergence. The shape of the volatility curve is shifting towards steeper contango.
• Sector Rotation: A rotation out of defensive sectors (utilities, healthcare) and into cyclical sectors (commodities, retail) is observed. The software sector is showing signs of a potential bottom after a recent sell-off.
• Earnings Season & Upcoming Catalysts: Upcoming earnings reports (Nvidia) and the FOMC meeting minutes are identified as key catalysts.

2. Examples, Case Studies & Real-World Applications:

• Amazon (AMZN): Discussed as a dominant player in e-commerce with expanding reach, potentially benefiting from continued growth in online retail.
• Walmart (WMT): Highlighted as a strong performer, benefiting from a successful strategy of mirroring Amazon's model.
• Software Sector: Analyzed as a potential recovery play, with specific mentions of CRM (Salesforce) as a possible long opportunity due to high IVR (Implied Volatility Rank).
• Palantir (PLTR): Mentioned in the context of government contracts and potential impact of geopolitical events.
• MGM & Wynn: Positive performance attributed to casino/resort sector strength.
• Koshy & Prediction Markets: Debate on the disruption of traditional sports betting by prediction markets, noting their accessibility, lower holds, and regulatory advantages. Don Jr.'s involvement with both Koshy and Poly Market is noted.

3. Step-by-Step Processes/Methodologies:

• Iron Condor Construction: A detailed discussion of building a short iron condor on the S&P 500 (ES) with strikes at 6625/71, aiming to profit from range-bound trading. The speakers analyze probability of profit (~50%) and risk-to-reward ratio (1:1).
• Volatility Curve Analysis: Using the VIX 3-month vs. spot VIX spread to assess the steepness of the volatility curve and gauge market sentiment.
• Sector Rotation Analysis: Identifying leading and lagging sectors to understand market trends and potential investment opportunities.
• Trade Management: Emphasis on managing risk, setting stop-loss orders, and scaling out of positions.

4. Key Arguments & Perspectives:

• Equities vs. Commodities: The speakers debate whether the equity market is adequately pricing in the risk of a conflict with Iran. One perspective is that equities have historically performed well during military conflicts.
• Software Sector Bottom: There's a debate on whether the software sector has found a bottom, with one speaker leaning towards a potential recovery play.
• Volatility as a Signal: The divergence between declining equity volatility (VIX) and rising commodity volatility (OVX) is seen as a potential warning sign.
• Risk-Defined Strategies: In a volatile and uncertain environment, the speakers advocate for risk-defined strategies like iron condors and put spreads.

5. Notable Quotes:

• “When you got skin in the game, you stay in the game.” (General trading philosophy)
• “It's data because everything's the most.” (Highlighting the importance of data in trading)
• “I think society is just becoming more speculative as a whole.” (Observation on increasing risk appetite)
• “The prediction markets are legal in all 50 states, are accessible by 18 year olds… it's essentially the same thing [as sports betting].” (Comparing prediction markets to traditional sportsbooks)
• “Wars in the Middle East don't really affect equities.” (Controversial statement, debated by the speakers)

6. Technical Terms & Concepts:

• VIX (Volatility Index): Measures market expectations of near-term volatility.
• OVX (Oil Volatility Index): Measures market expectations of near-term volatility in oil prices.
• IVR (Implied Volatility Rank): A percentile ranking of a stock's current implied volatility relative to its historical range.
• Iron Condor: A neutral options strategy designed to profit from limited price movement.
• Call Spread: An options strategy involving buying and selling call options with different strike prices.
• Put Spread: An options strategy involving buying and selling put options with different strike prices.
• Contango: A market condition where futures prices are higher than spot prices.
• Backwardation: A market condition where futures prices are lower than spot prices.
• FOMC Minutes: Records of the Federal Open Market Committee meetings, providing insights into monetary policy.
• Sector Rotation: The shifting of investment capital between different sectors of the economy.
• Trade Bust: A situation where a trade is cancelled due to an error or unusual market conditions.

7. Data & Research Findings:

• Oil Price Increase: Oil prices up approximately 5% due to geopolitical tensions.
• VIX Decline: VIX currently at 19, indicating declining volatility.
• OVX Increase: OVX at 55.66, indicating increasing oil volatility.
• VIX 3M - Spot VIX Spread: Increased from 22 to 1.77, indicating a steeper volatility curve.
• Software Sector Performance: Software sector up 1.89% on the day.
• NASDAQ Performance: NASDAQ up 1.22% on the day.
• Walmart Stock Performance: Strong upward trend over the past year.
• Probability of Profit (Iron Condor): ~50% for the proposed iron condor trade.

This summary provides a detailed overview of the discussed topics, strategies, and perspectives, capturing the nuances of the conversation and the specific details shared during the segment.

Part 8

Summary of TastyLive Segment (Part 8 of 10)

This segment of TastyLive focuses on market analysis, trade adjustments based on recent events (particularly geopolitical tensions in the Middle East), and a detailed look at potential options strategies. The discussion centers around oil, gold, bonds, the dollar, and equity markets, with a strong emphasis on volatility and risk management.

1. Main Topics & Key Points:

• Geopolitical Risk & Oil: The primary driver of market movement is escalating tensions in the Middle East, specifically concerning potential conflict with Iran. This is directly impacting oil prices, which have rallied significantly (up ~$3/barrel). The discussion revolves around whether this is a “buy the rumor, sell the news” scenario or the beginning of a sustained price increase.
• Fed Minutes & Rate Cut Expectations: The recently released FOMC minutes are deemed largely uninteresting, maintaining the possibility of a June rate cut but not signaling immediate action. The market’s reaction is muted, suggesting the focus remains on economic data and geopolitical events. The key is maintaining the expectation of a cut next quarter (June) to avoid a market correction.
• Bond Market Weakness: The 20-year Treasury auction was described as “one of the worst two or three” seen in recent history, indicating waning foreign demand and a potential rollback of the “dollar debasement trade.” This is attributed to rising US yields making Treasuries less attractive.
• Gold & Precious Metals: Gold is experiencing a bounce, but the technical setup is considered questionable. While a short iron condor strategy is discussed, caution is advised due to the potential for high losses. Copper is also analyzed, with a bullish outlook despite inventory increases.
• Dollar Strength: The dollar is showing signs of strength, testing key resistance levels. This is linked to rising oil prices and potentially a shift in investor sentiment.
• Equity Market Analysis: The Russell 2000 is highlighted as a potential leader, benefiting from a stronger domestic economy. However, the technical setup is not overwhelmingly positive.

2. Examples, Case Studies & Real-World Applications:

• Oil Trade Adjustment: A specific trade in MCL (oil) is analyzed and adjusted. The existing 55/62.5 strangle is modified by rolling the put strike up to 62.5 to account for the price increase. This demonstrates a practical application of risk management in response to changing market conditions.
• 20-Year Treasury Auction: The poor performance of the recent 20-year Treasury auction is used as a case study to illustrate declining foreign demand for US debt.
• Historical Seasonality (Russell 2000): The discussion references historical performance of the Russell 2000 in February and March, acknowledging the impact of past events (SVB/Signature Bank crisis) on recent trends.

3. Step-by-Step Processes & Methodologies:

• Iron Condor Construction: A detailed explanation of constructing a short iron condor in gold is provided, including strike price selection (4400/4500/5600/5700), probability of profit (69%), and risk/reward ratio (4:1). The importance of adjusting strike prices based on volatility and market conditions is emphasized.
• Trade Adjustment Process (MCL): The step-by-step process of rolling up the put strike in the MCL strangle is demonstrated on the TastyTrade platform, highlighting the benefits of compartmentalizing adjustments for clarity.
• Volatility Assessment: The analysis of VIX levels (around 19.64) and IVR (implied volatility) in various assets is used to determine appropriate trading strategies (premium selling).

4. Key Arguments & Perspectives:

• Geopolitical Risk Premium: The primary argument is that the current rally in oil is driven by a geopolitical risk premium, not necessarily a fundamental shift in supply and demand.
• Importance of June Rate Cut Expectation: Maintaining the expectation of a June rate cut is crucial for market stability, even if the Fed doesn’t deliver.
• Dollar Strength & Risk-Off Sentiment: A strengthening dollar is seen as a potential indicator of risk-off sentiment, particularly in response to geopolitical uncertainty.
• Cautious Optimism: While acknowledging the potential for further gains, a cautious approach is advocated, emphasizing risk management and avoiding excessive speculation.

5. Notable Quotes:

• “It’s only in an event where oil prices stay up and there’s no broader conflict does the yen stay pinned down in my view.”
• “The sweet spot for the markets and the pharmacy minutes, no cuts until June. We’re still on track to potentially get a June cut next quarter. We need that.”
• “Something’s going to have to break. Something’s going to have to break before June for a cut to come.”
• “If things are going as well as well the market believes then the rate cuts aren't necessary in that kind of scenario.”

6. Technical Terms & Concepts:

• Iron Condor: A neutral options strategy involving the sale of an out-of-the-money call spread and an out-of-the-money put spread.
• IVR (Implied Volatility Rank): A measure of an asset’s current volatility relative to its historical volatility.
• Straddle: An options strategy involving the purchase of a call and a put with the same strike price and expiration date.
• DTE (Days to Expiration): The number of days remaining until an option contract expires.
• Backwardation: A market situation where futures prices are lower than spot prices, indicating a supply shortage.
• FOMC Minutes: The record of discussions and decisions made by the Federal Open Market Committee.
• Treasury Auction: The process by which the US government sells Treasury securities to investors.
• VIX: The CBOE Volatility Index, a measure of market expectations of near-term volatility.
• Gimme: A small profit gained from adjusting a trade.

7. Data & Research Findings:

• Oil Price Increase: Oil prices rallied approximately 4.7% during the segment.
• 20-Year Treasury Auction Results: Foreign participation in the auction was the second lowest on record (55.17% indirect bids).
• VIX Level: The VIX was trading around 19.64.
• Gold IVR: Gold IVR was 61.1.
• Russell 2000 Seasonality: The Russell 2000 has historically performed better in the back half of February.
• Oil Inventory Levels: US copper inventories have surged to levels not seen since 2004.

This segment provides a comprehensive overview of current market conditions and offers practical insights for traders navigating a volatile and uncertain environment. The emphasis on risk management, technical analysis, and understanding the underlying drivers of market movements is consistent with the TastyTrade philosophy.

Part 9

Summary of Tastytrade Segment - Tim Knight (Part 9 of 10)

This segment focuses on Tim Knight’s market analysis and portfolio adjustments on a Wednesday, characterized by initial market strength followed by a mixed close. He details his current positioning, risk management, and observations on various asset classes.

1. Main Topics & Key Points:

• Market Overview: The market experienced a strong open, fueled by positive sentiment, but ultimately settled with a mixed performance. The Nasdaq and S&P 500 ended slightly positive, while the Russell 2000 (IWM) and the Yield Curve (YM) turned red.
• Portfolio Adjustment: Knight increased his portfolio commitment from 72% to approximately 120% throughout the day, adding positions after the release of the FOMC minutes. He maintains a relatively conservative approach, avoiding margin.
• Bitcoin & Risk Sentiment: Bitcoin’s continued decline despite the initial market rally is a key indicator of underlying risk aversion. He is long Bitty (inverse Bitcoin ETF) anticipating further downside.
• Rangebound Markets: Many major indexes (SPY, IWM, QQQ) remain in extended rangebound patterns with no clear directional catalysts.
• Sector Analysis: Knight notes the fading hype around previously popular sectors (3D printing, gene editing, gig economy, AI) with semiconductors (SMH) being the only remaining dominant force.

2. Examples, Case Studies & Real-World Applications:

• IWM Short: Knight successfully shorted the Russell 2000 (IWM) at the open, capitalizing on its subsequent decline.
• EWJ (Japan ETF): He recounts a successful short trade in EWJ from the previous day, highlighting his ability to capitalize on short-term movements.
• Trump's Crypto Comments: He analyzes a clip of Donald Trump discussing Bitcoin, pointing out an inaccuracy in Trump’s recollection of Bitcoin’s price two years prior, illustrating the importance of factual data in trading.
• FNGD/FNGS: Discusses the bearish FANG ETF (FNGD) and its breakdown, indicating potential weakness in the tech sector.

3. Step-by-Step Processes & Methodologies:

• Position Sizing: Knight emphasizes a gradual increase in portfolio commitment, adding positions after key market events (FOMC minutes).
• Trend Line Analysis: He consistently uses trend lines as key indicators for potential breakouts or breakdowns in various assets (Diamonds, IWM, QQQ).
• Gap Analysis: He looks for gaps in price action as potential support or resistance levels.
• Risk Management: He maintains tight stops on positions, particularly his long Bitty trade, to protect against unexpected market moves.

4. Key Arguments & Perspectives:

• Rangebound Markets Require Patience: Knight argues that in the absence of clear catalysts, rangebound markets require patience and a focus on identifying potential breakout or breakdown points.
• Bitcoin as a Risk Barometer: He views Bitcoin as a crucial indicator of overall risk sentiment, believing its decline signals underlying market weakness.
• Skepticism Towards Hype Sectors: He expresses skepticism towards hyped sectors, noting their tendency to fade over time.
• Importance of Factual Accuracy: He stresses the importance of verifying information, even from prominent figures, using objective data (charts).

5. Notable Quotes & Significant Statements:

• “There’s just no catalyst to make them resolutely bullish or bearish.” (Referring to rangebound indexes)
• “The only long position I’ve got is Bitty…I think it’s poised for weakness.” (Highlighting his bearish outlook on Bitcoin)
• “If you see the clip, rest assured, Bitcoin is not $16,000 2 years ago.” (Correcting Trump’s statement about Bitcoin’s price)
• “Trend line is key. The trend line is key to a prospective breakout.” (Emphasizing the importance of trend line analysis)

6. Technical Terms & Concepts:

• FOMC Minutes: The record of the Federal Open Market Committee’s meetings, providing insights into monetary policy decisions.
• IWM (Russell 2000): A small-cap stock index.
• SPY (S&P 500 ETF): An exchange-traded fund tracking the S&P 500 index.
• QQQ (Nasdaq 100 ETF): An exchange-traded fund tracking the Nasdaq 100 index.
• Bitty: An inverse Bitcoin ETF.
• FNGD/FNGS: ETFs tracking the performance of the FANG (Facebook, Amazon, Netflix, Google) stocks, one bearish and one 1x positive.
• EWJ (Japan ETF): An exchange-traded fund tracking the Japanese stock market.
• SMH (Semiconductor ETF): An exchange-traded fund tracking the semiconductor industry.
• Trend Line: A line connecting a series of highs or lows on a chart, used to identify potential support or resistance levels.
• Gap: A significant price difference between two consecutive trading periods.
• Commitment Level: The percentage of capital allocated to positions, excluding margin.
• Shooting Star Candlestick: A bearish candlestick pattern indicating potential reversal.

7. Data & Research Findings:

• Market Performance: S&P 500 up 0.22%, Nasdaq up 0.3%, Russell 2000 down slightly, Yield Curve down.
• Bitcoin Price: Around $66,000, down $1,500 on the day.
• Sector Performance: Semiconductors (SMH) showing relative strength, while other sectors remain rangebound.
• Portfolio Commitment: Increased from 72% to approximately 120%.
• Volatility: Market volatility remains relatively subdued.

Part 10

The segment focuses on market analysis, primarily covering price action, potential trading strategies, and reactions to current events, particularly geopolitical tensions in the Middle East and upcoming economic data releases (PCE). The speaker details specific positions taken and potential trades, alongside commentary on broader market trends.

Key Topics & Points:

• Bitcoin Volatility & Misinformation: The speaker critiques a recent interview with a member of the Trump family promoting the “World Liberty coin,” pointing out a factual inaccuracy regarding Bitcoin’s price two years prior (stated as $16,000 when it was closer to $53,000). This highlights a concern about misleading information in the crypto space.
• Current Market Weakness: Despite a generally positive day for equities, Bitcoin and futures are showing weakness, suggesting a potential bearish trend. The speaker is maintaining a tight stop-loss on a Bitcoin position.
• Equity Positions & Analysis: A significant portion of the segment details numerous short positions held by the speaker, including ARM, ABGO, BBWI, BDN, CRDO, Dell, DraftKings, DT, Super Group, HGSC, and Vistra. Each stock is briefly analyzed, often referencing chart patterns (distribution tops, right triangles, rounded tops, gaps) and recent news (Meta’s chip order from Nvidia impacting ARM).
• Software Sector & Correlation Breakdown: The speaker notes a breakdown in correlation between Apple and the broader S&P 500, and expresses concern about the software sector’s valuation in a changing landscape. The lack of a clear narrative for software companies makes valuation difficult.
• Geopolitical Risk & Oil: Rising oil prices (up 4.7% to $65+) due to Middle East tensions are discussed. The speaker acknowledges the potential for a “fade the news” scenario, where initial price spikes are followed by reversals if the situation doesn’t escalate. The speaker is preparing a long oil position.
• Volatility & Market Sentiment: The VIX curve is flattening, indicating reduced fear and potentially a more stable market. However, the speaker remains cautious, noting the impact of geopolitical events and upcoming earnings reports.
• Upcoming Earnings: Several earnings reports are highlighted (Carvana, Dash, Bookings.com, Walmart, John Deere), with emphasis on guidance as the key metric for evaluating company performance.

Examples & Case Studies:

• Rivian: Used as an example of avoiding “chasing” a stock after an earnings-related pop, as the gap presented a resistance level.
• ARM: Impacted by Meta’s announcement of a large chip order from Nvidia, demonstrating how news events can influence stock prices.
• Apple: Discussed as an example of a stock decoupling from broader market trends due to its unique position and the changing tech landscape.

Processes & Methodologies:

• Chart Analysis: The speaker relies heavily on technical analysis, identifying chart patterns (triangles, tops, gaps) to inform trading decisions.
• Short Selling Strategy: The speaker maintains a large number of short positions, indicating a bearish outlook on the market.
• Risk Management: The use of stop-loss orders (e.g., on Bitcoin) demonstrates a focus on managing potential losses.

Arguments & Perspectives:

• Skepticism towards Crypto: The speaker expresses skepticism towards cryptocurrencies, highlighting their volatility and the potential for misinformation.
• Bearish Market Outlook: The speaker generally holds a bearish view, anticipating further market weakness and focusing on short positions.
• Importance of Guidance: The speaker emphasizes the importance of company guidance over current earnings in the current market environment.

Notable Quotes:

• “Bitcoin is not $16,000 2 years ago. It was about three times that much.” – Correcting a factual inaccuracy.
• “If the whole block of hyperscaler technology starts to sink, Dell will definitely come along for the ride.” – Expressing a view on Dell’s potential performance.
• “The future resembles nothing like the past.” – Highlighting the challenges of valuing companies in a rapidly changing tech landscape.

Technical Terms:

• Chartist: Someone who analyzes price charts to predict future price movements.
• FTX Debacle: Refers to the collapse of the cryptocurrency exchange FTX.
• Distribution Top: A chart pattern indicating a potential reversal from an uptrend to a downtrend.
• Right Triangle Pattern: A bullish chart pattern suggesting a potential breakout.
• Gap: A significant price jump or drop with little or no trading in between.
• Hyperscaler: A company that provides cloud computing services.
• LLM: Large Language Model, a type of artificial intelligence.
• E-Minis: S&P 500 futures contracts.
• VIX: CBOE Volatility Index, a measure of market volatility.
• Contango: A situation where futures prices are higher than spot prices.
• PCE: Personal Consumption Expenditures Price Index, a measure of inflation.
• IVR: Implied Volatility Risk.
• Short Iron Condor: A neutral options strategy designed to profit from limited price movement.
• Delta: A measure of an option's sensitivity to changes in the underlying asset's price.

Data & Statistics:

• Bitcoin Price: Mentioned prices of $16,000 (incorrectly stated for 2 years ago), $53,000 (approximate price 2 years ago), and $66,000 (current price).
• Oil Price: Up 4.7% to $65.25.
• Gold Price: Up nearly 2%.
• Silver Price: Up nearly 5%.
• Copper Price: Up 2.3% to $577.
• VIX Futures Curve: 3-month minus spot VIX at 2 points.
• Apple Correlation to S&P 500: 0.27.
• E-Mini Futures: Up 34 points.
• NASDAQ: Up 190 points.
• Dow: Up 110 points.
• Russell: Up 9 points.