The OPEX Effect

The OPEX Effect

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.
A 3% Drop from VIX 40 | What the Options Market Tells Us About What Comes Next
The OPEX EffectMarch 20, 202601:09:59

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 increasingly misaligned. ...

Violently Going Nowhere | What the Options Market Tells Us About What Comes Next
The OPEX EffectFebruary 15, 202601:06:50

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, massive moves benea...

The Volatility Shift No One Sees | What the Options Market Says About What Comes Next
The OPEX EffectJanuary 17, 202601:01:12

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 focuses on January opt...

7000 Magnet. 6800 Trap Door | What the Options Market Tells Us About What Comes Next
The OPEX EffectDecember 13, 202501:09:40

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, and volatility dyn...