The OPEX Effect is a joint podcast from Excess Returns and SpotGamma where we take a deep dive into the world of options and the flows they generate in markets. Join Brent Kochuba and Jack Forehand every month on Options Expiration week as they look at the major developments in the options world and how they impact all of our portfolios.
Latest episodes
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1 h 00
The 10-Year Hit 5.35%. OpenAI Came Up $20 Billion Short. So Why Is Nobody Buying Puts?
Brent Kochuba of SpotGamma examines what could disrupt the stock market’s calm as rising rates and fading AI enthusiasm meet October options expiration. Put selling still supports…
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59 min
Big Rally Collides with Oil and Rate Reality | What the Options Market Says Comes Next
SpotGamma founder Brent Kochuba joins Jack Forehand to break down September options expiration, the S&P 500's negative gamma risk, and what options positioning reveals about potent…
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52 min
Big Semi Decline. Big Rally. Big Macro Risk | What the Options Market Says Comes Next
In this episode of The OPEX Effect, Jack Forehand and SpotGamma founder Brent Kochuba break down how options expiration, 0DTE trading, dealer gamma and leveraged flows are shaping…
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1 h 04
Not Since the Dot-Com Bubble | The Vol Signal Flashing for the First Time in 20 Years
Brent Kochuba of SpotGamma is back for The OPEX Effect to explain why July options expiration could remove a major source of market support and open the door to a volatility spike…
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1 h 07
SpaceX, OPEX, and the Flows Behind the Biggest IPO in History
In this episode of The OPEX Effect, Brent Kochuba and Jack Forehand break down the market structure impact of the SpaceX IPO, options expiration, dealer gamma, volatility, and the…
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1 h 06
The Melt Up That No One Expected | What the Options Market Says About What Comes Next
Brent Kochuba of SpotGamma joins Jack Forehand for the May 2026 OPEX Effect to break down what options positioning is saying after a massive AI and semiconductor-led market rally.…
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1 h 08
The Market the Tweets Can’t Break | What the Options Market Tells Us About What Comes Next
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 join…
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1 h 09
A 3% Drop from VIX 40 | What the Options Market Tells Us About What Comes Next
This episode breaks down the growing tension beneath the surface of today’s markets, where volatility signals, options positioning, and macro risks like war and inflation are incre…
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1 h 06
Violently Going Nowhere | What the Options Market Tells Us About What Comes Next
In this episode of The Opex Effect, Jack and Brent break down the growing impact of options markets on stocks, volatility, and sector rotation. While the major indexes appear calm,…
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1 h 01
The Volatility Shift No One Sees | What the Options Market Says About What Comes Next
In this episode, Jack Forehand is joined by Brent Kochuba from SpotGamma to break down how options market flows are increasingly shaping equity market behavior. The conversation fo…
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1 h 09
7000 Magnet. 6800 Trap Door | What the Options Market Tells Us About What Comes Next
In this episode of The Opex Effect, Jack Forehand and Brent Kochuba break down what could be the largest options expiration ever and explain why December options flows, seasonality…
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1 h 09
The Two-Tailed Risk Trap | What the Options Market Tells Us About What Comes Next
In this month’s OPEX Effect, Brent Kochuba and Jack Forehand break down the forces driving markets into November expiration. They cover the surge in volatility, Nvidia’s critical e…
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1 h 15
Fragile Rally. Big Vol Spike. Credit Risks Rising | What the Options Market Says About What's Next
In this episode, Brent Kochuba of SpotGamma joins Jack Forehand to break down the October options expiration and the surge in volatility that hit markets. They discuss record-break…
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57 min
Vol Is Crushed. Risk Isn’t | What the Largest OPEX In History Tells Us About What Comes Next
In this month’s OPEX Effect, Brent and Jack break down the September OPEX, which may be the largest ever. With volatility deeply suppressed, a record call skew, and the Fed meeting…
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1 h 05
Low Volatility Is Lying to You | What the Options Market Says About What Comes Next
In this episode of The OPEX Effect, Jack and Brent dive deep into the current market dynamics, exploring what they call the "Honey Badger" and "Zombie" market phenomena. With optio…
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1 h 00
All-Time Highs. Record Complacency | What the Options Market Tells Us About What Comes Next
Markets are sitting at all-time highs, but under the surface, the options market is flashing signs of extreme positioning. In this episode, Brent Kochuba of SpotGamma returns to br…
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59 min
A Rally Built on Fragile Ground | What the Options Market Tells Us About What Comes Next
In the latest episode of the OPEX Effect, Jack Forehand and Brent Kochuba dive deep into the dynamics shaping the current market regime, with a particular focus on the upcoming Jun…
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1 h 03
The Rally No One Trusts | What the Options Market Tells Us About What Comes Next
In this episode of Excess Returns, Jack Forehand and Brent Kochuba from SpotGamma break down the forces at play beneath the surface of the market as we head into the May 2025 optio…
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60 min
An Unprecedented Lack of Liquidity: What the Options Market Tells Us About What Comes Next
In this episode of The OPEX Effect, Jack and Brent dive deep into the market turmoil following "Liberation Day" and the implementation of new tariffs. With volatility spiking to le…
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1 h 06
One of the Fastest Corrections in History: What the Options Market Tells Us About What Comes Next
In the latest episode of the OPEX Effect, Jack Forehand and Brent Kochuba take a look behind the scenes of the big market selloff and the options flows driving it. They break down…