Bull Steps on the Gas, S&P Headed for 10,000?
Following the bullish 800 calls, SPY is now seeing a new wave of aggressive long positions — large blocks of deep OTM call options:
$SPY 20271217 1095.0 CALL$ $SPY 20271217 1100.0 CALL$ $SPY 20271217 1110.0 CALL$ $SPY 20271217 1120.0 CALL$ . Total premium flow: under $8 million.
These December 2027 expiries (1095, 1100, 1110, 1120 strikes) each saw 10,000 contracts opened on Wednesday, direction buys. These calls have deltas below 0.1 — extremely OTM. But because expirations are far out, time decay is slow, which actually highlights their leveraged appeal. The likely thesis: SPY's right-hand trend continues to extend.
First target: 800.
$iShares MSCI South Korea ETF(EWY)$
On the other hand, the Korea ETF saw a flood of deep OTM bearish puts:
$EWY 20260522 150.0 PUT$ $EWY 20260618 125.0 PUT$ $EWY 20260618 130.0 PUT$ . Expirations are mostly before June 18. Total notional: ~$6 million.
Based on past patterns, 6Mqualifiesasaheavyshort.Butintoday′smarket,it′sonlymedium−grade—therealmust−watchlevelhasmovedto6Mqualifiesasaheavyshort.Butintoday′smarket,it′sonlymedium−grade—therealmust−watchlevelhasmovedto10M+ (e.g., SOXL20260612170.0PUTSOXL20260612170.0PUT from earlier).
At the $1M level, it could be a genuine short or just hedging — especially since these puts are on the fragile Korea ETF. EwY is arguably more fragile than SOXL, despite not being leveraged — its option decay is far lower than SOXL's, making it a cleaner speculative short vehicle.
All three put strikes are deeply OTM (delta < 0.1), so rather than a pure bearish bet, this looks more like a vol long to hedge against a near-term correction. From a retail perspective, though, I'm not sure you need to hedge for this.
One of the biggest engines driving SPY higher — Nvidia's June target now looks like 250+: $NVDA 20260612 245.0 CALL$ . The baton has been passed.
Put strikes on Intel point to several downside levels: first at 115, then 105, then 100. Worst case, below 90. I don't see it dropping below 100. 100 would be an extremely attractive level to bottom-fish.
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