1. $AMZN's $250, $260 and $270 calls expiring 7/31 are running 147-154% IV while the same $250 strike a month out sits at just 50%. That gap doesn't happen without something on the calendar, and volume's already 2x open interest at those strikes so it's not just lotto tickets. If we're tempted to sell calls into this, the premium's fat but so is the risk of getting run over, know what's due before writing anything short-dated here.
2. $MSFT's P/C ratio is sitting at 0.33, one of the most call-heavy tapes on the board today. Most of it's parked in the August monthlies at $450 and $480, but the standout is the $450 call expiring tomorrow, volume's already running 3x open interest there. Spot's at $456 so that's barely ITM, feels more like someone leaning into a month-end pop than hedging anything. Nothing we'd chase, but the $450 line is getting paid up for this week if we're renting it out.
3. Just a day after the $190 put was the most crowded contract on the board, $NVDA's P/C ratio flipped to 0.53 with call volume nearly double puts. The $200 and $195 calls expiring Friday are seeing the heaviest action, both trading multiples of their open interest. IV's steady at 45% across the board though, so this reads more like a shakeout after the put flush than a fresh breakout bet. Watching to see if $200 actually gets tested before Friday, not betting on it yet.
Aggregated and distilled by Two Sentence Traders. Not financial advice.