1. $SPY spot is $751.27 and 700k contracts are sitting on the $751 calls expiring today, 663k on the $750s, 574k on the $752s. That's roughly 70-to-1 vol vs OI on the lead strike. Classic gamma pin into the close. Watch if it holds, nothing heroic to do here.
2. Spot moved to $203.94 and the call crowd bumped with it: the lead strike shifted from the $200s (all last week) up to the $205 calls, 298k contracts vs 77k OI on July 10 expiry. P/C is still 0.34, heavily call-sided. IV is running 36-40% on these near-term strikes, so we could be selling some real juice here for covered calls. Just know we're selling against a crowd that's been right all week.
3. $MU is pricing something in: IV at 120% on the $1000 strike with both calls and puts active at similar volume. Rich premium to sell, but know what you're selling into. $SMH is still 2:1 put-heavy (69k puts vs 35k calls), down from 5:1 on Monday, but the $600 and $540 puts carry 31k and 35k OI. The hedges aren't coming off yet.
Aggregated and distilled by Two Sentence Traders. Not financial advice.