1. $NVDA is sitting at $194.83 and the crowd is still hammering the $200 calls — 83k contracts on the July 6 expiry, another 82k on July 10, P/C at 0.44. For covered call holders that $200 strike keeps generating premium while the lottery tickets burn. If spot doesn't close the gap by end of week, the July 10 crowd faces the same fade the July 6 crowd is staring down right now.
2. $SMH spot slipped to $592 and those $602.5 puts expiring July 10 are now ITM, printing 17,926 contracts against 19,419 OI. The $540 and $550 strikes out to July 17 still have 95k combined OI stacked behind them, P/C at 5.16. The put skew we flagged last week hasn't unwound, it's deepened with spot now through the near-term strike.
3. A couple weeks ago $MU had call frenzy at OTM strikes. Today P/C is 1.43 and puts are running the board — $950 puts for July 10 hit 11k contracts vs 5.6k OI, and IV across active strikes is 107-118%. The premium is fat for sellers but the crowd is paying serious juice to hedge something near-term. Worth watching what that catalyst is before leaning in.
Aggregated and distilled by Two Sentence Traders. Not financial advice.