Institutions were sellers of the $NVDA 20240906 96.0 PUT$ - 18,500 contracts of this week's 96 strike puts yesterday.
That seems to imply they expect Nvidia to close above $100 on Friday's expiration following the payrolls report.
No major positioning, but for next week the most active new put buyer was the 200 strike.
The 200 strike put also remains the largest open interest for the September 20th monthly expiration, raising Tesla's technical floor.
However, call option volumes have been lackluster for Tesla, likely influenced by economic data expectations. Initial resistance seems to be $230.
On the index side, there was a 50,000 contract seller of the $SPY 20240930 570.0 CALL$ on Wednesday - establishing a covered call overwrite.
With a slew of economic releases and the FOMC meeting this month, it makes sense for $SPY$ to stall out without claiming new highs.
However, there was also a sizable 25,000 contract buyer of the $SPY 20241220 595.0 CALL$ - spending $87.7 million in premium for that upside call exposure out to December expiration.
So while new highs seem inevitable eventually this year, the question is whether that December 595 call buyer stepped in a bit prematurely before short-term volatility plays out.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
- KSR·09-06👍LikeReport