1. The $195 calls on $NVDA (expiring today, right at spot) printed 377k contracts against just 10k open interest — 37-to-1 vol vs OI. The $197.5 calls are running 42% IV, which is rich for contracts dying at the bell today. Could be dealer delta hedging, could be straight-up chasing into the close. If you're selling covered calls here, the premium is real. If you're buying these lottery tickets at expiry, that's not us.
2. $MU July 2 contracts are pricing in a serious move — IV running 107-117% across calls and puts. The $1200 and $1300 calls (both out of the money with spot near $1139) are getting chased hard, the crowd reaching for big upside. If you're sitting in a $MU position, this IV is worth farming.
3. $SMH's put/call ratio has come in from last week's 8.6:1 to 2.64:1 today — still defensive, but the fever is breaking. The $560 put (July 2) is the most active contract at 32k vol against 57k open interest, sitting deep out of the money with spot near $633. Hedges are still on, just less frantic. Worth watching to see if this unwinds further.
Aggregated and distilled by Two Sentence Traders. Not financial advice.