Who wanna take NVDA stakes above 130?

The only big company that can still maintain an IV Percentile above 70% by the Fourth Witching Day is probably $NVIDIA Corp(NVDA)$ as Friday's exchanges were really intense.

There are those who want to close, those who want to rollover, those who want to sell "insurance" and those who want to go up to 150 in the short term ......

After this drop on Thursday, the PUTs above 130 are in jeopardy of becoming in-the-money, meaning that the sellers (PUTs) will be the ones to take over the long side above 130.

"Taking Nvidia is fine, but doesn't really want to be above 130" is probably what most investors are thinking right now, so the pressure to close their positions, or the focus on Friday's session will be extremely high.

Another big thing on Friday was the rebanlencing day of passive funds, like $Technology Select Sector SPDR Fund(XLK)$ , particularly the $Apple(AAPL)$ and NVDA weight swaps would result in tens of billions of dollars in capital changes.

Theoretically, a passive fund would choose a concentrated point in time to make a position in order to stay in line with benchmark.

But this kind of tens of billions of dollars of sky-high volume is a huge blow to even a company like Apple, and if the market sentiment changes because of the position transfer (the price of the underlying stock changes, which in turn can lead to a change in the options), it defeats the purpose of the passive funds in the first place, and therefore they will inevitably not directly crash the market (of course, some degree of large orders will certainly be there, which will be observed and arbitraged by other institutions).

Options, the more liquid of the derivatives, also assume a role, so NVDA and AAPL are likely to see inexplicably large orders on Friday and will change investor expectations to some extent.