We Asked an Options Expert Why This Melt Up Hasn’t Broken — and Which Signal Could End It

Excess Returns · May 10, 2026 · 1h 7m

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. They discuss SPX call volume, zero DTE options, dealer gamma, VIX expiration, NVIDIA earnings, oil risk, AI CapEx, and why options flows may help explain both the market’s recent melt-up and the potential for a volatility shift after OPEX.

Guest Links

Brent Kochuba on X

https://x.com/spotgamma

SpotGamma

https://spotgamma.com/

Topics Covered

Why the market has ignored oil shocks and geopolitical risk while AI…