1. $SMH's P/C ratio climbed again to 1.60 from 1.37 yesterday, put flow dominating a name where total volume is thin to begin with. The $530 puts are still the resting open interest everyone's watching, but today's top print is a deep in the money $635 put carrying IV north of 125%, which smells like either a chunky hedge or a stale quote. Bulls sure aren't stepping up to buy calls here. If you're overwriting $SMH that kind of IV is juicy, just don't read direction into it.
2. After cooling off yesterday to 0.83, $MU's P/C is back down to 0.60 and the mob's parked right back at the $1000 strike, 34,393 contracts against 13,559 OI. IV's sitting fat around 65-66% on that expiry. Rich enough to keep selling calls into if you're holding shares, just don't be shocked if the strike keeps creeping the way it has all month.
3. $AMD calls are running a little hot, P/C at 0.84, but the real story is IV. 52-62% across next week's strikes is a lot of juice for a name that isn't obviously in crisis mode. The $500 call carries the fattest resting interest at 13,706 OI. Nothing here screams panic or euphoria, just a spot where the premium-selling math looks good either way.
Aggregated and distilled by Two Sentence Traders. Not financial advice.