Russell Rhoads, CFA

Senior Instructor
The Options Institute
Biography
Russell Rhoads, CFA, is a Senior Instructor with the Options Institute at the Chicago Board Options Exchange. He joined the Institute in 2008 after a career as an investment analyst and trader with a variety of firms including Highland Capital Management, Caldwell & Orkin Investment Counsel, TradeLink Securities and Millenium Management. He is a financial author and editor having contributed to multiple magazines and edited several books for Wiley publishing. In 2008 he wrote Candlestick Charting For Dummies. Since joining the Options Institute he authored Option Spread Trading: A Comprehensive Guide to Strategies and Tactics which was released in January 2011 and recently finished work on Trading VIX Derivatives: Trading and Hedging Strategies Using VIX Futures, Options, and Exchange Traded Notes which was published in August 2011. He recently finished work on The Warren Buffett Way 3rd Edition Workbook and Trading Weekly Options: Pricing Characteristics and Short Term-Trading Strategies. In addition to his duties for the CBOE, he is an adjunct instructor at Benedictine University  and acts as an instructor for the Options Industry Council. He is a double graduate of the University of Memphis with a BBA ('92) and an MS ('94) in Finance and also received a Master's Certificate in Financial Engineering from the Illinois Institute of Technology in 2003.

Author Archives: Russell Rhoads, CFA

VIX Last Week – 8/24/2014

VIX finished the week down almost 13% at 11.47. This closing price was only 0.17 higher than the 2014 low of 11.30. Do keep in mind that the 11.30 deserves some sort of asterisk as it came Thursday before the 3 ½ day Independence Day holiday. If the S&P 500 moves up this coming week […]

Gold and Oil Volatility Last Week – 8/24/2014

The SPDR Gold Shares ETF (GLD – 123.19) dropped about 2% last week, but stayed in the mid-120’s range that we have become accustomed to, although at the lower end of the range. GVZ moved up a tad, but with a 13 handle the direction does not mean as much as the level. The level […]

Volatility Indexes and ETPs Last Week – 8/24/2014

The four S&P 500 volatility indexes dropped last week as the stock market measure made new all-time highs. The VXST discount to VIX may be attributed to very little in the way of significant economic news coming in the next few days.   In the ETP space the long oriented funds that focus on the […]

VXST Last Week – 8/24/2014

The S&P 500 made new highs and VXST ran for cover almost hitting the single digits this past week dropping 24%. VXST takes a cue from what the S&P 500 is doing, but also has a forward looking component as well. There is very little in the form of known unknowns in the next week […]

Emerging Market Volatility Last Week – 8/24/2014

The iShares Emerging Markets ETF (EEM – 44.75) lagged the performance of the US markets last week rising only one-half a percent. VXEEM seemed diverge from EEM and took the lead from VIX dropping over 15% on the week. Complacency seems to be taking over the world.   Brazil is a country worth watching for […]

NASDAQ-100 and Russell 2000 Volatility Last Week – 8/24/2014

The NASDAQ-100 closed at a 2014 high rising 1.64% last week. VXN was already at a pretty depressed level, but continued to drift lower based on the strength of the underlying market. VXN also reacts in anticipation of earnings announcements, but with there being a lull in the earnings calendar there was nothing anticipatory to […]

Quantifying VIX Contango and Backwardation

I’m in the process of updating different VIX related charts and statistics for next week’s three day VIX webcast series. I realized it has been a while since I addressed the topic of VIX contango and backwardation.   For those unfamiliar with these terms, a picture is worth a thousand words. The term structure illustration below […]

CBOE Hosting Three Free VIX Education Webcasts Next Week

In just under a week The Options Institute at CBOE will be offering three free webcasts discussing different aspects of the CBOE Volatility Index or VIX. On Monday August 25th I’ll start out with the basics of volatility indexes and introducing exactly what VIX is measuring.  In addition we will look at how the index has historically behaved […]

Volatility Indexes and ETPs Last Week – 8/17/2014

Volatility came back down to what is considered ‘normal’ levels for 2014, but there was a slight twist. Note that on Friday VXST closed at a slight premium relative to VIX. I was hosting a VIP tour in the last hour of trading on Friday and things were pretty active as the S&P 500 worked […]

Russell 2000 and Nasdaq-100 Volatility Last Week – 8/17/2014

The Nasdaq-100 rose over 2.5% last week. Over 20% of NDX’s performance is based on two stocks – Apple (AAPL – 97.98) and Microsoft (MSFT – 44.79) – both of which rose about 3.5%. Whatever the reason, NDX was strong and VXN was over 20% lower on the week.   The Russell 2000 was the […]

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