1. $SMH put/call eased again to 2.39 today, down from 3.37 yesterday, so the slow unwind we've been tracking all week keeps grinding on. Puts are still running the show though, and the $510 puts for 7/24 are pricing 98% IV, that's rich. If cooling skew has you thinking about renting out semis premium again, the juice is still there, just don't mistake it for an all-clear.
2. Both names are running IV north of 90% on the 7/24 strikes, way above the rest of the megacap board where AAPL and MSFT are sitting in the 20s and 50s. Feels earnings-shaped, with calls stacking at GOOGL's $360 and $370 (OI 8k and 14k) and TSLA loaded on both sides at 375-380. Maybe don't be a hero into that print, the vol crush after could end up the better premium-selling window than now.
3. $NVDA put/call is down at 0.49 and the $215 calls, above spot, are pulling nearly 30x their open interest today. That's fresh money chasing, not just rolling. $MSFT's doing the same thing at 0.48, piling into the 390-400 calls. Could be dip-buyers reloading, could just be FOMO into green, we don't know which yet.
Aggregated and distilled by Two Sentence Traders. Not financial advice.