To The Moon

Market Overview

U.S. stocks advanced on Friday, with the S&P closing at a ​record high to cap off a strong week of gains for the major indexes, after data showed the U.S. economy unexpectedly shed ‌jobs last month and dampened expectations the Federal Reserve would raise interest rates at its September meeting.

Regarding the options market, a total volume of 70,484,497 contracts was traded, of which 61% were call options.

Top 10 Option Volumes

Top 10: $NVDA(NVDA)$, $TSLA(TSLA)$, $SPCX(SPCX)$, $PLTR(PLTR)$, $AAPL(AAPL)$, $MU(MU)$, $MSTR(MSTR)$, $AMZN(AMZN)$, $MSFT(MSFT)$, $HTZ(HTZ)$

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Elon Musk's $SpaceX(SPCX)$ surged 15.8% on Friday after the expiry of the first of several share lockup restrictions following its record public offering in June.

Despite the sharp rally, a massive $19.07 million synthetic short position dominated the tape, overwhelmingly shaping a bearish big-money sentiment. This conviction clashed with a $17.43 million bullish put sale, creating a starkly divided, conflicting flow picture on a single day of elevated options activity.

A synthetic short position worth $19.07 million was the largest featured trade, built by buying 6,030 contracts of the 140.0 put expiring September 18, 2026, and selling 6,030 contracts of the 140.0 call with the same expiration. This is a classic bearish directional strategy designed to replicate short stock exposure, typically used to express downside conviction or hedge against a decline. Based on the listed legs, the trader paid $11.95 million for the long puts and received $7.12 million from the short calls, resulting in a net premium of -$4.82 million, or a net debit. With SPCX referenced at $133.11, the 140.0 put was in the money while the 140.0 call was out of the money, reinforcing that the structure was positioned to benefit from weakness and carried a clearly bearish message.

SPCX 20260918 140.0 PUT

SPCX 20260918 140.0 CALL

A PUT sale worth $17.43 million was the other standout trade, involving the sale of 5,000 contracts of the 130.0 put expiring September 17, 2027. This was a bullish single-leg position, as short puts generally reflect willingness to buy the underlying at a lower effective level while collecting premium income upfront. Since SPCX was trading at $133.11, the 130.0 strike was out of the money at the time, indicating the seller was expressing constructive or at least moderately confident downside-tolerant positioning rather than immediate distress. Strategically, this kind of trade often signals a view that the stock or ETF will stay above the strike over time, with the trader seeking premium capture and potentially using the short put as an income-generating bullish entry framework.

SPCX 20260917 130.0 PUT

Unusual Options Activity

$Palantir(PLTR)$ shares junped 10.3% on Friday, with the stock posting a nearly 40% weekly gain — its best weekly performance since November 2024, That previous record was also the result of a postearnings surge, after the company showed monetization of its Artificial Intelligence Platform.

The session’s options tape was dominated by a colossal $211.00 million bear call spread, a defined-risk structure that signals expectations for capped upside, completely overshadowing a singular $6.24 million long-dated bullish call. This lopsided flow created a decisively bearish sentiment backdrop despite the stock’s sharp daily rally.

A bearish call spread with a total trade amount of $211.00 million was the standout block of the day, expressing a clearly bearish view through a defined-risk call structure. The position consisted of buying 50,000 Dec. 18, 2026 $175.0 calls for $109.75 million and selling 50,000 Sep. 18, 2026 $155.0 calls for $101.25 million, resulting in a net premium of -$8.50 million, or a net debit paid. With PLTR referenced at $172.01, the long $175.0 call was out of the money while the short $155.0 call was in the money, creating a structure that benefits from upside being capped and from a less aggressive forward path in the stock. Strategically, this bear call spread points to bearish directional exposure, likely expressing the view that PLTR will struggle to sustain gains through these expirations while keeping risk bounded by the long higher-strike call.

PLTR 20261218 175.0 CALL

PLTR 20260918 155.0 CALL

A CALL buy worth $6.24 million targeted the Jan. 21, 2028 $200.0 strike, with 1,500 contracts purchased outright. That strike sits out of the money versus the $172.01 reference price, so the trade represents a bullish, longer-dated upside bet on further appreciation in PLTR over a multi-year horizon. As a single-leg long call, the position offers leveraged upside participation with the premium paid as the maximum risk, suggesting the buyer is willing to spend significant premium for directional exposure to a longer-term breakout above $200.0.

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