1. $MU calls are running 100%+ IV across the July 2 strikes, with the $1300 OTM calls printing 10k contracts vs 7k OI. Something is priced in around that date. If you're in the stock, the covered-call rent right now is about as juicy as it gets. We don't play binary events naked, but the premium is real.
2. Yesterday it was $195 calls on expiration day. Today it's 233k contracts on the $200 calls expiring July 1, against 18k OI. Spot is sitting at $198.72 and $200 is turning into a magnet. May pin, may blow through. The call buyers are not done.
3. $SMH's put/call was 8.6:1 on June 26. Today it's 1.85 as spot climbs to $657.50. But those $600 puts from last week still have 105k contracts of open interest sitting there. The hedge isn't gone, just further out of the money. If the tape turns, that wall comes back into play.
Aggregated and distilled by Two Sentence Traders. Not financial advice.