About this episode

This episode analyzes the resilience of markets amidst geopolitical chaos and what the options market indicates for future movements.

Subscribe to the OPEX Effect on Spotify⁠⁠ ⁠⁠Subscribe to the OPEX Effect on Apple Podcasts This episode of The Opex Effect breaks down why markets have remained surprisingly resilient despite geopolitical chaos, an oil shock, and extreme headline risk. Brent Kochuba joins Jack Forehand to analyze what’s really driving the market beneath the surface—from options flows and gamma positioning to the collapse in volatility and what it signals for the next move. They explore how the options market is shaping price action in ways most investors miss, why the VIX collapsed despite elevated risk, and what positioning tells us about the path forward as we head into earnings and the next major options expiration. Topics covered: Why markets have stayed near highs despite war, oil spikes, and macro uncertainty The “taco trade” and why investors expect bad news to reverse quickly How options flows and dealer hedging are influencing stock prices Why call options are historically cheap heading into earnings The mechanics of gamma, delta hedging, and market maker positioning Why options expiration (OpEx) can act as a turning point for markets The divergence between oil prices and equity…

People in this episode

Host: Jack Forehand

Guest: Brent Kochuba

Topics covered

• market resilience
• options market analysis
• geopolitical chaos
• volatility collapse
• earnings expectations
• investor positioning

Mentioned in this episode

Organizations: OPEX Effect, Spotify, Apple Podcasts

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