HeyJaredThe 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.
- Indexed episodes, last 90 days
- 3
- Latest publication
- Sep 12, 2026
- Audience
- Checking…
- Earliest in this view
- Jul 11, 2026
Latest episodes
Big Rally Collides with Oil and Rate Reality | What the Options Market Says Comes Next (opens the original)
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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 potential stock market volatility. They explore how rising oil prices, higher Treasury yields, and shifting AI sentiment could interact with a major expiration to change the market's direction. Brent explains why he measures this expiration at roughly $2 trillion rather than the $9 trillion making headlines, why he is watchi
Big Semi Decline. Big Rally. Big Macro Risk | What the Options Market Says Comes Next (opens the original)
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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 the stock market. They examine the shift from AI-driven speculation toward interest rates, the July tech volatility reset, and why Nvidia earnings and Jackson Hole could determine the market's next major move. Brent Kochuba and SpotGamma on X https://x.com/spotgamma SpotGamma https://spotgamma.com/ Topics covered Why t
Not Since the Dot-Com Bubble | The Vol Signal Flashing for the First Time in 20 Years (opens the original)
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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 or stock market correction. We examine positive gamma, ultra-low S&P 500 implied volatility, near-record-low correlation, extreme Nasdaq volatility, AI stock dispersion and why the current setup resembles July 2024 before a 10% drawdown. Brent Kochuba on X https://x.com/spotgamma SpotGamma https://spotgamma.com Main to
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