Market Overview
The Nasdaq ended lower on Tuesday (Oct 13 ) as chip stocks added to recent losses and investors parsed mixed quarterly results from Citigroup and other big US banks.
Regarding the options market, a total volume of 54,455,358 contracts was traded, of which 57% were call options.
Top 10 Option Volumes
Top 10: NVDA, AAPL, MU, SPCX, TSLA, INTC, AMZN, GME, SKHY, MSTR
Source: Tiger Trade APP
SpaceX closed at $156.54, down 4.21%.
Block activity was dominated by a $13.77 million synthetic short combining a long 160.00 put and a short 280.00 call, both expiring on 2028-06-16. A second $1.95 million long options combination bought a 140.00 put and a 190.00 call for 2027-01-15. The overall block flow leaned only slightly bearish, but the dominant long-dated synthetic short carried strong directional weight and signaled cautious institutional positioning.
A synthetic put position with a net debit of $13.77 million was the dominant large trade, pairing a long 160.00 put and a short 280.00 call, both expiring on 2028-06-16. The bought 160.00 put was in the money versus the $156.54 reference stock price, while the sold 280.00 call was far out of the money. This structure is equivalent to a synthetic short and reflects a clearly bearish stance, using long-dated options to position for downside in SPCX while financing part of the put purchase through call premium collection.
Source: Tiger Trade APP
A $1.95 million net-debit two-leg long options combination was the other highlighted trade, consisting of a bought 140.00 put and a bought 190.00 call, both expiring on 2027-01-15. With the 140.00 put out of the money and the 190.00 call also out of the money, this is a long volatility-style directional structure that benefits from a large move away from the current price, rather than a pure one-sided view. Even so, because one leg targets downside protection and the other upside participation, it suggests expectations for a meaningful future repricing in SPCX rather than near-term stability.
Source: Tiger Trade APP
Unusual Options Activity
Oracle closed at $143.20, up 4.23%, after opening at $135.91 and ranging between $135.55 and $144.18 during the session.
The session’s large options trades leaned decisively bearish. A $3.31 million out-of-the-money put purchase and a $1.47 million net-credit synthetic short both pointed to downside positioning. Despite the daytime rally, the biggest premium flows reflected expectations for softer Oracle price action rather than upside continuation, with traders favoring long put exposure and short upside structures over longer time horizons.
A bearish synthetic put position with a net credit of $1.47 million stood out as one of the day’s key large trades, pairing the sale of 1,250 June 17, 2027 $160.00 calls with the purchase of 1,250 June 17, 2027 $110.00 puts. This combination is effectively a synthetic short setup, expressing downside expectations through short upside exposure and long downside protection. With the stock reference price at $143.20, the short call strike sits out of the money and the long put strike is also out of the money, suggesting the trader is positioning for weakness over a longer horizon while still collecting premium upfront. The net credit structure points to a directional bearish bet rather than a pure hedge, with the premium received helping offset the cost of the protective put leg.
Source: Tiger Trade APP
A put buy worth $3.31 million was the other major trade, involving the purchase of 2,000 April 16, 2027 $135.00 puts. With Oracle at $143.20, this put was out of the money at execution, indicating a trader willing to pay premium for downside exposure if the stock weakens over time. As a single-leg bearish options purchase, it reflects a straightforward negative view and a desire for convex downside participation, either as portfolio protection or as a speculative bet on a meaningful pullback. Overall, the large-trade flow was clearly bearish, with both highlighted trades aligned to downside positioning: one using a longer-dated synthetic short structure that collected premium, and the other using outright put buying to secure leveraged downside exposure. Together, they suggest institutional sentiment is tilted toward caution and expectations for softer price action in Oracle rather than upside continuation.
Source: Tiger Trade APP
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