$NVDA$

First glance at the flows and one thing's clear — 170 is the line.

The 170 put for March 6 expiry just printed 238k contracts. At this size, whether buy or sell, it's gonna act as a magnet. But it also means breaking below 170 is gonna be tough. So back to the usual: 170–195 chop.

Next week's institutional call spread? Sell 192.5 $NVDA 20260306 192.5 CALL$ , hedge with 200 $NVDA 20260306 200.0 CALL$ .

And the put sales keep stacking:

$ORCL 20260306 130.0 PUT$  — 48k opened
$SMH 20260306 355.0 PUT$  — 62k opened
$AMD 20260306 177.5 PUT$  — 39k opened
$AMD 20260306 162.5 PUT$  — 17k opened

NVDA earnings may be behind us, but IV in semis is still elevated. Call spreads still look cleaner — especially on NVDA.

Worth noting: TSM and AVGO missing from the whale's put sale list.

TSM did see puts open $TSM 20260306 322.5 PUT$  — 16k contracts — but direction was buys. Totally different footprint.

$KWEB$

That 100k call position $KWEB 20260821 40.0 CALL$ ? Closed. Might be signaling a bottom soon.

$SPY$

Put flow looks textbook — pricing in some March–April fear of a 650 dip, and a 670 risk next week.

Calls? Not textbook. Someone bought Mar 2027 800 and 820 calls $SPY 20270319 800.0 CALL$  $SPY 20270319 820.0 CALL$  for over $40M in premium.

That's a leveraged long in a bearish tape.

Suddenly thinking — maybe Iran doesn't boil over after all.