Market Overview
Wednesday, October 28, The U.S. major indexes closed as follows: Dow Jones up 0.19% at 52,475.10; S&P 500 up 0.28% at 7,743.98; NASDAQ up 0.27% at 26,549.85.
Top 10 Option Volumes
Top 10: Tesla Motors, NVIDIA, Micron Technology, SpaceX, AAPL, Oracle, Meta Platforms, Inc., SoFi Technologies Inc., Advanced Micro Devices, Robinhood.
Alphabet's Block Options Trades Show Clearly Bullish Sentiment
Alphabet rose 1.6% on Wednesday but plunged 10% in Thursday's pre-market trading. Large options trades in Alphabet leaned decidedly bullish, led by a single $635 thousand out-of-the-money put sale. The flow included heavy put selling below the market and additional call buying, suggesting traders were collecting premium while positioning for continued upside rather than downside protection. With the stock sitting well above the 300.00 strike and expiration nearly two years out, the dominant structured trade expressed confidence that Alphabet remains above that level, while accepting possible assignment at a lower effective entry.
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Large Trades
A PUT sale worth $635 thousand was the standout large trade, with 2,998 contracts sold at the 300.00 strike expiring on 2026-10-30. With GOOG referenced at 321.89, this put was out-of-the-money at the time of the trade, making it a moderately bullish position that expresses confidence the stock will remain above 300.00 into expiration. Strategically, selling this out-of-the-money put suggests premium collection with a bullish bias, while also signaling willingness to take assignment at a lower effective entry level if the shares were to decline.
Overall, the bulk-order flow points clearly bullish. The large-trade profile was entirely one-sided on the bullish side, led by out-of-the-money put selling and supported by additional call buying, which together suggests traders were positioning for stability to upside rather than preparing for downside protection.
The tone of the activity indicates constructive sentiment, with participants appearing comfortable harvesting premium below the market while also keeping upside exposure in place.
SpaceX Block Options Trades Lean Bullish
SpaceX closed at 145.23 USD, down 2.25 %. Large options activity in SpaceX showed a standout $2.10 million long-dated put purchase for downside protection, alongside a $1.65 million put sale and bullish spread positioning. Despite the sizable bearish hedge, the broader bulk-order flow leaned constructive, with premium-selling and call-side activity keeping the overall tone tilted bullish rather than defensive.
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Large Trades
A PUT buy worth $2.10 million stood out as the largest displayed large trade, with 1,025 contracts bought on the June 16, 2028 $120.00 put. With SPCX referenced at $145.23, this strike sits out of the money, making it a clear bearish downside hedge or directional downside bet rather than intrinsic-value protection. The long-dated tenor suggests the buyer was seeking extended protection against a larger drawdown over time, which adds weight to the bearish message even though the strike is meaningfully below the current share price.
A PUT sale worth $1.65 million was the other highlighted block, with 2,450 contracts sold on the April 16, 2027 $115.00 put. This put is also out of the money versus the $145.23 reference price, so the trade reflects a bullish-to-neutral stance that expects SPCX to remain above that level through expiration while collecting premium.
Taken together with the broader bulk-order flow, the overall tone remains bullish: although there was a notable long-put purchase for downside protection, the larger aggregate pattern was led by premium-selling put activity and bullish spread positioning, indicating market participants were more focused on harvesting premium and expressing confidence in price stability to upside rather than bracing for a sustained decline.
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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