To The Moon

Market Overview

On August 26, The U.S. major indexes closed as follows: Dow Jones declined 0.21% at 53,463.88; S&P 500 declined 0.02% at 7,675.70; NASDAQ declined 0.08% at 26,130.20. The slight pull-back came after an event-packed session featuring heavyweight tech results and fresh economic data.

According to MarketChameleon, the total trading volume of U.S. stock options on that day was 44,595,148, while the average daily option volume was 63,399,747. Puts accounted for 42% of the volume and calls for 58%.

Top 10 Option Volumes

Top 10: $Tesla Motors(TSLA)$, $NVIDIA(NVDA)$, $Meta Platforms, Inc.(META)$, $AAPL(AAPL)$, $Intel(INTC)$, $Amazon.com(AMZN)$, $SpaceX(SPCX)$, $Micron Technology(MU)$, $Microsoft(MSFT)$, $Advanced Micro Devices(AMD)$.

Options trading for SpaceX is flashing bullish signals

SpaceX closed at USD 139.63, up 1.22%. Large options activity in SPCX showed a clash between a $10.38 million bearish synthetic put and a $5.81 million bullish bull put spread. The biggest trade leaned bearish through a short call and long put structure, while the second-largest trade collected premium on out-of-the-money puts, signaling long-term upside conviction. Despite the headline bearish size, additional call buying and premium-selling pushed the overall flow moderately bullish.

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Large Trades

A bearish synthetic put position sized at $10.38 million stood out as the largest displayed trade, built through selling the December 18, 2026 $150.00 call for $6.52 million and buying the December 18, 2026 $115.00 put for $3.87 million, with the structure carrying a net credit of $2.65 million. With SPCX referenced at $139.63, the short call was out of the money and the long put was also out of the money, making this a clearly bearish directional expression that benefits if the stock weakens materially over time.

A bullish bull put spread with a net credit of $5.81 million was the other major displayed trade, using the June 16, 2028 $130.00 short put against the June 16, 2028 $70.00 long put, both struck below the current stock price and therefore out of the money. This is a classic premium-collection bullish spread: the seller is expressing confidence that SPCX can stay above $130.00 over the long run, while the purchased $70.00 put caps tail risk. The structure signals constructive medium- to long-term expectations and a willingness to monetize elevated downside premium without taking unlimited downside exposure.

Overall, the large-trade flow leans moderately bullish. Although the biggest individual directional bet was a sizable bearish synthetic put, the broader block activity showed stronger support from bullish premium-selling and call-buying interest, including a substantial long-dated bull put spread and additional upside call purchases.

Heavy put options activity in Micron is flashing a bearish sentiment

$Micron Technology(MU)$ closed at USD 938.40, posting a 0.58 percent increase from the prior close. Despite the modest gain, options tape revealed a decisively defensive tone. A single purchase of $6.76 million in long-dated puts dominated the session, accompanied by a $250 thousand put buy. Both trades targeted out-of-the-money strikes, indicating institutions are loading downside protection rather than chasing upside momentum.

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Large Trades

A PUT buy worth $6.76 million dominated the tape, with 1,200 contracts of the January 21, 2028 $500.00 put purchased. With MU referenced at $938.40, this strike sits well out of the money, making the trade a clear downside hedge or a longer-dated bearish position aimed at protecting against or positioning for a substantial decline over time. The size and long-dated tenor make it notable as a serious risk-off expression rather than short-term speculation.

A smaller but still meaningful PUT buy worth $250 thousand followed, consisting of 1,260 contracts of the September 18, 2026 $680.00 put. This strike is also out of the money versus the $938.40 spot reference, so it likewise reflects a bearish stance, likely focused on downside protection or a view that MU could weaken materially over the medium term. Although far smaller than the 2028 trade, it reinforces the same negative directional message from institutional flow.

Overall, the bulk-order flow is clearly bearish. Large traders concentrated exclusively in long puts, with no offsetting bullish large-trade activity, and both highlighted positions targeted out-of-the-money downside strikes across medium- and long-dated expirations. That pattern points to cautious sentiment and an expectation of meaningful downside risk rather than confidence in near-term upside.

Disclaimer: This analysis is based on publicly available market data and is provided for informational purposes only. It does not constitute investment advice. Options trading involves substantial risk, and investors may lose more than their initial investment.