Unsurprisingly, there were no routine large institutional call sale prints on Friday, as uncertainty reigns whether this week brings consolidation or a continued rally.
Based on open interest, there's a possibility this week shapes up as a battle around $245.
My plan is to sell the July 12 $235 puts.$TSLA 20240712 235.0 PUT$
The upside momentum has been ferocious, with a 7.5% rally last week. Scanning the flows, there were many sizable call buyers adding exposure, like the weekly $227.5 calls and August $235 calls.
However, I feel the $220-$230 zone may present a sticking point to clear. Nonetheless, I'll continue selling puts, looking at the July 12 $220 strikes.$AAPL 20240712 220.0 PUT$
Among the big tech names, Nvidia was the only one last Friday with active weekly options trading. But instead of call sales, it was call buyers stepping in on the July 12 $132 calls. $NVDA 20240712 132.0 CALL$
AMD also saw large call buying in the July 12 $182.5 strikes. $AMD 20240712 182.5 CALL$
Personally, I don't expect these weekly call positions to hang around very long. More likely Friday brings a pullback to the $120-$130 area.
I'll stick with selling the July 12 $135 calls on Nvidia for now. $NVDA 20240712 135.0 CALL$
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