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I Just got off Schwab's Big 3 Show.

And I had to talk about my best trades of 2025. 

You know how I feel about that—bad trader juju. But here's what matters for what's coming next.

Tesla? Yeah, caught that ride from $300 up. 

Wasn't about the cars. Wasn't about the business. It was about sentiment against Elon that had to fade. And it did. Multiple call spreads. Caught it both ways when it got stupid overbought too.

Lulu? Been riding that one DOWN most of the year. Market share getting destroyed. Doesn't matter how busy the stores look around Christmas.

But here's the one that matters right now...

Silver

Everyone and their brother is piling into SLV. Pete Some big names are bullish on it. Retail's all over it. Thing's ripping to all-time highs.

And I'm bearish.

Here's why this is critical: The implied volatility inside SLV right now is record-breaking. 

You haven't seen IV like this in SLV outside of the Covid crash in 2020. Before that? 2011-2013 when we thought we were heading back into the financial crisis.

That's the kind of fear level we're seeing right now.

This thing has exploded. 

The gamma is about to flip. And when it does, we're going to see some pretty wicked sell-side activity.

Look—whether you want to be bullish or bearish here, you better be defined risk. Option spreads all day. I'm not touching SLV shares long or short at this point.

The volatility you can literally taste right now? That's your warning.

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