Trading Block: Canadian revenge tariff are on the docket today. VIX cash sits above 17. OCC Cleared Contract Volume up 6% in June - the highest June for total options volume on record. It's SPX's 35-year anniversary.

Odd Block: July 4 calls in Limelight Networks, Inc. (LLNW), Funky multi-leg in BP Prudhoe Bay Royalty Trust (BPT), Rolling puts in (FLO).

Strategy Block: Uncle Mike Tosaw discusses trading short put spreads

Mail Block: Options question of the week

Traders generally fade volatility going into holidays (today notwithstanding). What's your favorite vehicle when you want to wager on the dark side of volatility? Short-term or Long-term - that's up to you.

• Short VIX Futures
• Long $VIX Puts/Spread
• Long $VXX Puts/Spread
• Short $VIX Calls/Spreads

Around the Block: 'Murica. Mired in tariff talk. Negotiating trade deals is tough!