Alphabet gets hammered, tech stocks tumble, and Trade Alert prepares for its final trading day. It's a Blood-Red Thursday with an extra dose of nostalgia on The Option Block.

Mark Longo, "Uncle Mike" Tosaw and Cboe's Henry "The Flowmaster" Schwartz break down the earnings-driven selloff in Google parent Alphabet, the surprisingly subdued VIX response, and the small-cap rally defying the tech wreck. Plus, Henry reflects on Trade Alert's 21-year journey and its impact on options analytics, order flow analysis and market transparency.

On this episode:
• Alphabet's earnings fallout and the divergence between tech stocks and small caps.
• Options activity in VIX, SPY, QQQ and IWM, including aggressive same-day call trading.
• Unusual options activity in Norwegian Cruise Line (NCLH), Lionsgate Studios (LION) and Eastman Chemical (EMN).
• Trading earnings: buying premium, selling premium or staying away?
• Uncle Mike's patient pursuit of SLV puts and a potential return to silver collars.
• Election risk, upcoming catalysts and what the panel is watching next.

On this episode we break down the tech rebound, unusual options activity and the S&P 500's own "Mason-Dixon Line." Mark Longo, Andrew "The Rock Lobster" Giovinazzi and Mike Tosaw explore the market's trading range, shifting volatility and the debate over AI spending—including Elon Musk's colorful "guppy death" warning for the neocloud business.

On the docket:

• Trading Block: Tesla, Nvidia, CoreWeave and other active names as tech rallies, plus VIX, interest rates and election uncertainty.

• Odd Block: Unpacking a massive JetBlue options trade involving call spreads and puts, plus unusual Braze call activity tied to its acquisition.

• Strategy Block: Managing protective collars after a stock declines. Uncle Mike uses Netflix to explain taking put profits, rolling protection and potentially funding additional stock purchases.

• Around the Block: Big tech earnings, Fed developments and the key S&P 500 levels the panel is monitoring.

Plus, Uncle Mike fights back in the trivia challenge—and a history question becomes a surprisingly useful market metaphor.

A massive semiconductor call spread runs into a tech selloff—and the timing gets painful fast. On this episode, Mark Longo, Mike Tosaw and Henry Schwartz break down a $12.1 million bullish position in SMH, unusual options activity in Toast, and the market's latest reaction to Meta and Tesla earnings.

Henry takes listeners inside the 55,000-lot SMH call spread, explaining its structure, defined risk and sharp decline in value. He also examines heavy call selling in Toast (TOST), including unusual market maker activity and in-the-money opening trades.

Plus, the panel explores:
• Premarket options trading: early volume trends, wider bid-ask spreads and execution challenges.
• Mike's Meta collar adjustments and his reasoning for buying back short calls.
• Active options trading in Nvidia, Apple, CoreWeave, Tesla and other leading names.
• VIX activity, sector rotation and options pricing around the upcoming midterm elections.

Mark also spotlights A Leg To Stand On (ALTSO), the charity helping children with limb disabilities—and the "cool kids" behind this episode's title.