$GOOGL$
The broader market looks set to continue its rebound today, with $SPY$ potentially pushing toward 688. But not all names are participating — year-end sector rotation is becoming more obvious.
This time, rotation moved against Google. Bears opened a sizeable position by purchasing 10,000 contracts of the Jan 9th 315P $GOOGL 20260109 315.0 PUT$ , spending roughly $12 million in premium.
Outside of this put activity, $GOOGL$’s options flow remains generally strong, implying a probable trading range of $315–325. However, that large bearish bet does add caution — Google may hold above 315 this week, but the outlook beyond next week is less stable.
$NVDA$
The base case remains a $180–185 range. For this week, selling the 175P $NVDA 20251205 175.0 PUT$ and the 185C $NVDA 20251205 185.0 CALL$ is reasonable. Expect put buying for hedging purposes to continue into the coming weeks.
$TSLA$
Originally, selling calls into strength looked ideal — but Wednesday’s flow showed more bullishness than expected. There was even opening buy activity in the 480C $TSLA 20251212 480.0 CALL$ .
Additionally, the previously large 800C $TSLA 20260618 800.0 CALL$ was closed, while 33.5k contracts were opened in the Jan 550C $TSLA 20260116 550.0 CALL$ . Although these appear as standalone single-leg trades, the move resembles a roll-down from 800 to 550. Hard to determine whether this comes from informed flow or speculative traders.
$INTC$
Institutions closed their long 48C $INTC 20260320 48.0 CALL$ and rolled into the same-expiry 55C $INTC 20260320 55.0 CALL$ , implying an upside target near $50.
Intel’s option flow continues to show relative strength. For those looking to chase momentum, selling the 41P $INTC 20251212 41.0 PUT$ is a potential consideration.
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