Big Trades Are In — Is It Time to Bottom-Fish Hang Seng?

$KWEB$

After breaking below its 200-week moving average, KWEB saw a few structured bullish flows — mostly hedged with puts. Target bounce zone: 32–33.

From the expiry profile, this looks like a longer-term positioning. The rebound won't happen overnight. More chop and grind lower possible. But institutions now think these levels are worth structuring hedged long exposure.

First structure: very low cost. After hedge, the call premium is just ~$0.30–0.50.

Sell put 24 $KWEB 20270115 24.0 PUT$  — 50k
Buy call 33 $KWEB 20260918 33.0 CALL$  — 50k

Second structure:

Sell put 28 $KWEB 20260417 28.0 PUT$ , Buy put 27 $KWEB 20260417 27.0 PUT$ 
Buy call 32 $KWEB 20260417 32.0 CALL$ , Sell call 34 $KWEB 20260417 34.0 CALL$ 

Third structure:

Buy put 27 $KWEB 20260618 27.0 PUT$ , Sell put 25 $KWEB 20260618 25.0 PUT$ 
Buy call 33 $KWEB 20260618 33.0 CALL$ , Sell call 35 $KWEB 20260618 35.0 CALL$ 

Charts attached.

$NVDA$

Scrolled through put flow — saw a lot of crash premium. 95 puts, 85 puts, 80 puts. Maybe some bargains next week or the week after.

Institutional call spread for next week: sell 187.5 call $NVDA 20260313 187.5 CALL$ , buy 195 call $NVDA 20260313 195.0 CALL$ .

$SPY$

Put flow: 657 put for March 9 expiry $SPY 20260309 657.0 PUT$  — 28.9k opened. Looks like Monday could open green.