Market Overview
On August 3, The U.S. major indexes closed as follows: Dow Jones up 1.32% at 53,178.41; S&P 500 up 1.48% at 7,600.50; NASDAQ up 2.13% at 25,913.90. A strong session for megacap technology and a rebound in chip names powered the broad advance.
According to Marketchameleon, The total trading volume of U.S. stock options on that day was 67,959,208, Average daily option volume was 63,432,877. 41% puts, 59% calls. 1,180 stocks have option volume that is greater than their 30 day moving average volume.
Top 10 Option Volumes
Top 10: NVIDIA、Tesla Motors、AAPL、Amazon.com、Microsoft、Micron Technology、Meta Platforms, Inc.、SpaceX、Intel、Palantir Technologies Inc..
Micron’s $17 Million Bull Put Spread Dominates Bullish Flow
Micron Technology closed at $829.50, up 0.79%. Massive options flow swept through Micron on Tuesday, with a $17.20 million bull put spread anchoring a decidedly bullish session. The trade dominated the tape, easily overshadowing a $3.56 million deep-out-of-the-money put purchase that appeared to be a long-dated tail-risk hedge rather than a directional bet.
Large Trades
A bull put spread worth $17.20 million was the largest displayed trade, structured by selling 1,080 August 21, 2026 $880.00 puts and buying 1,080 August 21, 2026 $800.00 puts. With MU referenced at $829.50, the short $880.00 put was in the money while the long $800.00 put was out of the money. This is a bullish credit spread designed to generate income while expressing the view that downside risk will remain contained over time.
A PUT buy worth $3.56 million was the other highlighted trade, consisting of 1,982 contracts of the June 17, 2027 $300.00 put purchased outright. With the stock at $829.50, this strike was deeply out of the money at the time of execution, making it a long-dated bearish or tail-risk position rather than a near-term directional bet on modest weakness.
Overall, the large-trade flow was clearly bullish. The sentiment summary shows bullish premium flow overwhelmingly exceeded bearish flow, and that positive bias was reinforced by the character of the biggest trades: large short-put activity, including the leading bull put spread, points to investors being willing to monetize elevated downside premium and position for MU to stay above key lower strike zones.
SPCX's $13.25 Million Short Strangle Harvests Extreme Premiums
SpaceX closed at USD 114.53, up 5.68%. A colossal $13.25 million short strangle dominated the session, harvesting extreme premiums as implied volatility ranks at a historic extreme. Alongside this, a $9.17 million out-of-the-money put sale underscored a firmly bullish conviction, with institutional players selling rich downside premium and signaling confidence that SPCX will hold its ground.
Large Trades
A two-leg short strangle worth $13.25 million was the largest displayed options trade, consisting of the sale of 3,325 October 16, 2026 $120.00 puts and the sale of 3,325 October 16, 2026 $120.00 calls. Using the preprocessed figures, this structure brought in a net premium received of $13.25 million, with $7.41 million collected from the short put leg and $5.84 million from the short call leg. With SPCX referenced at $114.53, the short put was in the money while the short call was out of the money. Strategically, this is a premium-selling volatility trade that seeks income generation from time decay and stable price action, with the seller effectively expressing the view that the underlying will remain relatively contained around the strike over time, while accepting risk if the ETF moves sharply in either direction.
A short put sale worth $9.17 million was the second major displayed trade, involving 3,000 contracts of the September 17, 2027 $110.00 put. With the stock reference at $114.53, this strike was out of the money at execution, and the trade was labeled bullish in the preprocessed data. Selling an out-of-the-money long-dated put typically reflects willingness to accumulate exposure on weakness or to monetize elevated premium while maintaining a constructive outlook above the strike. The seller receives premium upfront and is implicitly signaling confidence that SPCX can stay above $110.00 into expiration, making this trade a moderately bullish income-and-entry strategy rather than an outright aggressive upside chase.
Taken together, the large-trade activity points to institutional participants leaning bullish on SPCX, with a preference for harvesting premium and expressing confidence that downside will remain limited rather than paying aggressively for near-term upside speculation.
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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