Semiconductor Sector Capped Again

$SPDR S&P 500 ETF Trust(SPY)$

This week, SPY is being held below 780 — not my opinion, but dictated by the Bull Call Spreads: $SPY 20260814 780.0 CALL$ $SPY 20260814 788.0 CALL$ Rotation is back in play, with semiconductors once again becoming the sector being reined in. Last week's big regulator, NVIDIA, pulled back, while pharmaceuticals and software rebounded.

$SpaceX(SPCX)$

There are two possible scenarios for this week: one is the stock being trapped in a 125–135 consolidation range; the other is breaking above 135 and trading in a 135–155 range.

Either way, selling the 120 put $SPCX 20260821 120.0 PUT$ is definitely a safe play.

There's also a block trade opening the September 17, 2027-expiry 130 Sell Put $SPCX 20270917 130.0 PUT$ . A long-dated Sell Put and a deep ITM Buy Call share similar characteristics — less margin requirement and a bullish strategy. Compared to short-dated Sell Puts, long-dated Sell Puts capture more premium in the event of a sudden blowout rally.

$NVIDIA(NVDA)$

After being continuously squeezed last week, institutional Sell Call sellers have finally turned profitable — the 225 Sell Call $NVDA 20260814 225.0 CALL$ hedged the 230–235 zone.

Ever since AI prodigy Leopold got blown up, the big players no longer bother hiding it — they manipulate the market however they please. The only consolation is that their goal is simple: to push the broader market higher, which in a way puts them on the same side as retail investors. So to avoid being used as ammunition by Wall Street, treat Sell Call target prices as just reference points. Until Trump declares a "milestone achievement" for the baby accounts, minimize naked Sell Calls.

$SK hynix(SKHY)$

For the sake of "Make SPX Great Again," Korean stocks cannot steal the spotlight and rally too much — but they also cannot drop too much in order to maintain market stability. So Korean stocks will be in a long consolidation phase, which makes them very suitable for Sell Put strategies. While I just said not to sell calls, storage names are an exception.

A long call block trade closed the January 15, 2027-expiry 180 call $SKHY 20270115 180.0 CALL$ and rolled into the same-expiry 160 call $SKHY 20270115 160.0 CALL$ — which speaks volumes.

For Sell Put, consider the 110 $SKHY 20260821 110.0 PUT$.

$Tesla Motors(TSLA)$

This week's trading range for TSLA is fairly predictable — most likely oscillating between 320 and 340. Volatility is at historically low levels, so Sell Puts are worth considering, while Sell Calls carry risk.

$Intel(INTC)$

Continuing its narrow range-bound trading this week, 90–110. Institutions are using a Sell Call at 104 $INTC 20260814 104.0 CALL$ hedged with a Buy Call at 107 $INTC 20260814 107.0 CALL$ . Based on the openings, consolidation could extend into October — which would be very friendly for option sellers.

Long-dated deep ITM options are being quietly bought again — $INTC 20281215 45.0 CALL$ and $INTC 20270617 45.0 CALL$ . Speaking of which, deep ITM calls are truly invincible — although leverage is low, as long as it's not a crash-level event, market makers have a hard time shaking out these long call positions.

$SPDR Gold ETF(GLD)$

The institutional "standard answer" for this year appears to be: Sell Call 460 $GLD 20261120 460.0 CALL$  , hedged with Buy Call 470 $GLD 20261120 470.0 CALL$ ; Sell Put 345 $GLD 20261120 345.0 PUT$, hedged with Buy Put 335 $GLD 20261120 335.0 PUT$ .