To The Moon

Most of Friday's options flow was hedge-driven — nothing too notable. But two trades stood out:

Sell 180 Call $XOM 20260618 180.0 CALL$  — 34.4k contracts, $12.03M notional.

Buy 55 Put $XLE 20260618 55.0 PUT$  — 35k contracts, $5.04M notional.

So someone was already short energy on Friday. Then Monday came, Trump rolled out TACO, and oil cratered. But here's the catch: XOM and XLE ripped higher and hit new highs anyway. Maybe that's why expiry was six months out — TACO fired the starting gun, but oil is supposed to slide over the first half.

The consensus now: one more leg down. Still, early bullish flow is starting to surface.

$MU$

Memory demand is structurally strong, but Micron just got hammered by big bearish prints:

Buy April 24th 420 Put $MU 20260424 420.0 PUT$  — 9.6k contracts, $26.9M notional.
Buy Sept 18th 400 Put $MU 20260918 400.0 PUT$  — 7k contracts, $40.1M notional.

Other bearish plays:
$MU 20260424 300.0 PUT$ 
$MU 20260417 300.0 PUT$ 
$MU 20260327 400.0 PUT$ 

For anyone looking to bottom-fish MU, the key is watching when those large put positions close — especially the Sept 400 and April 420 puts. Until that happens, stepping in long is risky.

Timing? This leg down likely lasts until mid-April.

$NVDA$

Some NVDA shorts covered on Monday during the TACO panic: the weekly 175 puts $NVDA 20260327 175.0 PUT$  and the April 10th 190 calls $NVDA 20260410 190.0 CALL$  got closed early.

Early call closure speaks volumes — shorts got nervous about a bounce and bailed before losing premium.

Also on Friday: medium-term at-the-money 175 calls $NVDA 20260515 175.0 CALL$  — 700 contracts, $7.3M notional. And I'm seeing small daily buys in the far-dated 215 calls $NVDA 20270617 215.0 CALL$ .

But for now, April range is still 160–190. Current levels are awkward: selling the 190 call offers little premium. 185 is slightly better but still thin. Going lower risks a squeeze.

Selling puts? This week could close above 170. But with risk of a 160 test, adding a long put for downside protection might make sense. Or just wait.

$SPY$

This week, SPY likely grinds sideways between 650 and 660. Hard to tell which sectors are leading, but tech isn't the one. Banks are bouncing, but XLF flows suggest most are selling calls — upside limited.

$USO$

Put flow on oil is clustered around March–April expiry. Could mirror last year's pattern, though positioning isn't heavy.

$GLD$

This one caught me off guard: Sell July 360 Put $GLD 20260717 360.0 PUT$  — 100k contracts, $100M notional.

Translation: for dip buyers, 360 is the line. And we may be entering a long, grinding consolidation phase.

$GOOGL$

Long calls on Google keep printing — and keep getting squeezed. This time: 34.8k contracts of the June 340 call $GOOGL 20260618 340.0 CALL$ . We'll see if this one works out differently.