bob pisani, to rick santelli on the trading floor of the cboe. rick >> yes, the cboe if we consider the fact that in the december 14th meeting where we did 50 basis points, let's do a chart. that's fascinating is the close that day was 3.48. basically several basis points away from where we're trading right now. if you go back two meetings to the november meeting, you can see right after that meeting we made the 4.22% yield close on the 10-year. why is that important? let's go back a little farther towards october. 4.25, 4 .24 to be precise was the close post covid everything is aligning up. fed fund futures for june. that's where the contracts stopped going down and start going up it's the fulcrum if you look at june covering 95.09, on the early part of november right after that meeting, it made its low pricing, 94.865. that means the probability of a terminal rate at that point was 95.09. it's now moved to 4.91 it's rallied a bit that's important especially considering that the fed most likely, according to these guys, may be done with tighteni

time to take some tweets our first fan asks, with the higher trading volume in options, do you like cboe all over the place what do you think, brian >> i own the stock, but i don't necessarily like it. the whole concept is vix options and s&p options. they're listing grain. they have tight markets it's cheaper to trade it's going to be a disruption for the vix, so i don't like the stock right now. >> our next tweet asks, how bullish are you guys on etsy >> carter, how bullish are you >> i would say very bullish. large long textbook bearish to bullish reversal buy >> i wouldn't have guessed that one. time for another tweet this one asks, why is vix below 19 going into -- mike, do you agree? >> damn right, i agree it's amazing we could easily be surprised i'm talking about like february 24 weekly 397 puts we were below that level just about a week ago, so why not >> all right it is time for the final call. last call from the options desk. carter braxton worth, what do you say? >> buying the dollar uup is the etf. >> brian stetland? >> google. tell like it ahead of earnings next week. make

back time to take some tweets first fan asks with the higher trading volume in options, do you like cboeweek's earnings the chart looks all over the place. how would you play it? what do you think, brian >> i own the stock but i don't necessarily like it here their whole complex is fix options and s&p options. and now listing spice futures and i think others will follow suit it is cheaper to trade going to be a disrupter for the vix. so i don't love the stock right now. >> all right and next tweet asks, how bullish are you guys on etsy carter, how bullish are you on etsy >> i would say very bullish. textbook bearish to bullish reversal buy >> wow, i wouldn't have guessed that one time for one more tweet, this one asks why is vix below 19 going into the fed meeting seems way too low. mike, do you agree >> damn right i agree. it is amazing. we could easily be surprised by the fmoc right now you could buy a 30 delta one month put for about 1% of the underlier and we were below that level just about a week ago. so why not >> all right and it is time for the final call last call from the opti

it's held us down for more thathan a year we need to look at the cboe volatility index and compare itthe underlying level of fear interpretation they normally go in opposite directions lower stock prices equals higher fear so that's what you expect at pivotal moments they move in the same direction saying a trend is about to change because a rally with rising fear is not going to last and a selloff with decline will be short lived. make sense check out the daily action in the s&p and vix to 2021. the two-year low was october 21st and we highlight that when the market was starting to crest. you know, right there. okay about a month before the fed declared war on inflation and the bears started going on a ram rampage, after that october 2021 low the vix spent the next two and a half months rallying like crazy and when the s&p was rising bad sign for any move higher right? sure enough it marked the peak for the whole market this was foreshadowed and nothing but down then after the peak, the vix and s&p going back and plummets. the volatility index peaked in march but that wasn't the bott