1. $MU's tape is still call heavy, P/C at 0.60, and the mob keeps chasing higher, now it's the $1050 call pulling 73,507 contracts against just 4,897 open. The real head turner though is the $1000 put, 44,857 contracts traded against an open interest of only 50. That's not a slow build, that's someone putting on size today, and after a run this hot it reads more like protection than a bearish bet. Selling calls into the chase still feels like the trade, just don't get greedy on strike.
2. $SPY and $QQQ are both put heavy today, P/C at 1.32 and 1.11, but IV on the near strikes is only 5 to 9 percent. That's not fear, that's 0DTE chop working both sides of the tape. Nothing here says sit on hands, but nothing says chase either.
3. $NVDA calls are running the show, P/C at 0.51, but the $230 call's IV jumps to 38% while the $227.5 call sits at just 20%, so somebody's paying up for a bigger move. $AMD calls are hot too and the $530 strike, way above the $509.80 spot, is carrying a wild 63% IV. If you're already long either name those far strikes are where covered call premium gets juicy, just know that kind of IV usually means the market's pricing in something we can't see yet.
Aggregated and distilled by Two Sentence Traders. Not financial advice.