What if you could define the opportunity before the big move happens? → See the Strategy

Are Markets Stalling a Sign of Risks to Come?

Realized Volatility is DEAD

–SPY vs QQQ
–implied vol 50% higher in the QQQ
–bizarre when Bonds move more than indices

Volume is DEAD
–SPUZ think is x-mas break!
–gamma risk continues to mount
–bonds volumes still rockin’ means this…
–retail trade is down and out

SPX Expected Move
–last week EM– 48.34
–next week– 49.97 expected move

Don Kaufman

Don Kaufman is options trader and educator. Former CBOE market maker, former Chief Derivatives Instructor at thinkorswim, and former Director of the Trader Group at TD Ameritrade. In 2015 he co-founded TheoTrade to teach traders how volatility, probability, and risk really work.

More about Don Kaufman

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Friday, November 13th, 2026 – Tony’s Market Mindset

	Today
09.00	Don Kaufman \| Pre-Market Prep \| FREE SESSION 09.20 09.30 Don Kaufman \| Early volatility 09.20 10.30
09.30
10.00
10.30	Jeff Bierman \| Market structure 10.30 11.30
11.00	Jeff Bierman \| Market structure 10.30 11.30
11.30	Brandon Chapman \| Ghost Hour 11.30 12.30
12.00	Brandon Chapman \| Ghost Hour 11.30 12.30
12.30	Gianni Di Poce \| Macro overview 12.30 13.15 Elizabeth \| Price Action 13.15 14.00
13.00
13.30
14.00	Corey Rosenbloom \| Options tactics 14.00 15.00
14.30	Corey Rosenbloom \| Options tactics 14.00 15.00
15.00	Blake Young \| Market wrap 15.00 16.00
15.30	Blake Young \| Market wrap 15.00 16.00