Market Overview
On August 5, The U.S. major indexes closed as follows: Dow Jones up 0.49% at 54,349.12; S&P 500 declined 0.17% at 7,723.55; NASDAQ fell 0.83% at 26,363.44. Trade remained choppy as investors digested a fresh batch of technology earnings alongside mixed economic data, leaving the Dow the only benchmark in positive territory for the session.
According to MarketChameleon, the total trading volume of U.S. stock options on that day was 65,368,578, while the average daily option volume was 63,785,558. Puts accounted for 42% of the volume and calls for 58%. Additionally, 1,240 stocks had option volume that exceeded their 30-day moving average volume.
Top 10 Option Volumes
Top 10: NVIDIA、SpaceX、Tesla Motors、AAPL、Amazon.com、Advanced Micro Devices、Micron Technology、$Intel(INTC)、Cboe Volatility Index、Microsoft、。
SPCX’s $20 Million Synthetic Short and $9 Million Calendar Put Structure Signal Overwhelming Institutional Bearishness
SpaceX closed at 108.27 USD, down 13.61%. A massive wave of institutional bearishness swept through SPCX options, headlined by a $20.39 million synthetic short and a $8.59 million calendar put structure. These large trades, overwhelmingly skewed to the downside, underscore a market bracing for further weakness.
Large Trades
A bearish synthetic short worth $20.39 million was the largest displayed trade, built by selling 7,500 September 18, 2026 $115.00 calls and buying 7,500 September 18, 2026 $115.00 puts. With SPCX referenced at $108.27, the short call was out of the money while the long put was in the money, creating a classic synthetic short stock position that expresses directional downside exposure.
A $8.59 million three-leg calendar-style put structure was the second displayed trade, combining the sale of 2,304 September 18, 2026 $110.00 puts, the purchase of 1,820 August 28, 2026 $120.00 puts, and the purchase of 1,976 September 18, 2026 $110.00 puts. With SPCX at $108.27, all three put legs were in the money, and the strategy appears designed as a layered downside positioning trade that mixes near-dated and longer-dated put exposure while partially financing the structure through the short September $110.00 puts. Using the provided premium totals, the trader received $3.01 million from the short put leg and paid $5.58 million for the two long put legs, resulting in a net debit of $2.57 million. Strategically, this points to hedging or active bearish exposure, with the buyer willing to pay meaningful premium for downside protection and put-term-structure positioning.
The full large-trade flow shows bearish activity overwhelmingly dominating bullish flow, and that tone is reinforced by the character of the biggest trades: multiple synthetic shorts, repeated put buying, and other downside-oriented spreads. Even where structures were financed with short option legs, the dominant message was still protection-seeking or outright negative directional positioning rather than bullish risk-taking.
Micron’s $3.38 Million Call Buy Targets $1,080 by 2026
Micron Technology closed at 893.19 USD with a 0.06 percent gain. A blockbuster $3.38 million call purchase dominated MU’s options flow, targeting $1,080 by 2026, while a substantial $1.41 million put buy added a bearish undercurrent. The day’s activity showcased a clash of conviction, with bullish long-dated upside positioning overshadowing a sizable defensive bet, reflecting a market bracing for a potential major move.
Large Trades
A CALL purchase worth $3.38 million was the standout large trade, with 2,000 contracts bought at the 1080.00 strike expiring on 2026-08-21. With MU referenced at 893.19, this call is out-of-the-money, making it a clearly bullish directional position that requires meaningful upside over time to realize strong value. The long-dated tenor suggests the buyer is positioning for a substantial advance rather than a short-term tactical move, using premium outlay to secure leveraged upside exposure while limiting downside risk to the premium paid.
A PUT buy worth $1.41 million was the other highlighted trade, consisting of 1,566 contracts purchased at the 850.00 strike expiring on 2026-08-07. With the stock currently at 893.19, this put is also out-of-the-money, indicating a bearish stance that targets downside over the next year.
Overall sentiment across all large trades leans bullish. The options flow shows that bullish premium meaningfully outweighs bearish premium, and the tone is reinforced by the day’s largest transaction being a sizable long-dated upside call purchase, which points to conviction in a higher medium-term price path.
Disclaimer: This analysis is based on publicly available market data and is provided for informational purposes only. It does not constitute investment advice. Options trading involves substantial risk, and investors may lose more than their initial investment.
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