In a volatile session, Liz and Jenny discuss market conditions with S&P futures initially down 82 points before improving to down 45-50 points by mid-morning. Despite recent steep declines, they note the broader market is still up approximately 10% year-to-date from January levels of around 6,000.

VIX remained elevated at 24.35, suggesting continued instability. The hosts observed unusually high options activity, with SPX showing 200,000 puts versus 85,000 calls, while other assets like silver (SLV) and NVIDIA displayed the opposite trend with calls outpacing puts.

The pair managed positions strategically during market turbulence, rolling a CoreWave (COREWEAVE) ratio spread, closing a Netflix (NFLX) position for a 20% gain, and discussing an NVIDIA (NVDA) calendar spread ahead of earnings.