$SPY$
The key question heading into year-end is whether the market will revisit 650. Recent SPY put flow shows traders actively hedging that scenario through structures such as buy $SPY 20251231 680.0 PUT$ / sell $SPY 20251231 650.0 PUT$ .
$NVDA$
Next week is still likely to trade within the $170–190 band, though volatility may pick up compared to this week. A simple approach is selling the 200C $NVDA 20251219 200.0 CALL$ , or using a January expiry for a wider window.
Put demand also reflects heightened uncertainty going into Christmas — logical, because if $NVDA$ can’t rally, it tends to drift lower. Overall, the broader expected range remains $180–200.
$TSLA$
Institutional flow opened a call spread:
These strikes sit above this week’s $440–460 zone, suggesting continued expectations of upside driven by short covering. For a simpler single-leg approach, the $TSLA 20251212 490.0 CALL$ remains a safer call to sell.
$INTC$
Breaking news: Rumors indicate TSMC may build a chip-packaging facility in Arizona. If true, Intel’s packaging advantage could be diminished, which explains the recent selling pressure.
A large March 50C $INTC 20260320 50.0 CALL$ block was closed and rolled down to the 45C $INTC 20260320 45.0 CALL$ . Near-term, reclaiming $50 will be difficult, though with news-driven names like $INTC$, sharp moves remain possible.
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