The market is at all-time highs. Bonds are near their highs. Oil is holding a war premium. Gold vol is elevated. None of these things belong in the same sentence as a stock market record, and yet here we are. Noel Smith, CIO of Convex Asset Management and former floor trader with roots tied to Virtu Financial, walks through the vol structure, the VIX futures volume spike that nobody talked about, why he is putting collars on AI and energy names instead of buying SPX puts, and whether the SpaceX IPO could be the moment this whole thing finally tops out. His bottom line: still green, still risk on, and it makes him want to barf. Helpful links: tastylive: tastylive.com Get Tom's pre-market analysis every morning: tastylive.com/newsletters FREE Options Strategy Guide: tinyurl.com/bp9ms763 Follow tastylive on X: x.com/tastyliveshow CHAPTERS: 00:00 Risk On But Barely: The Market Setup Right Now 01:18 Semiconductors or Bust: Breadth Is Historically Narrow 02:2...