Market Overview
Wall Street's main indexes finished higher on Thursday, as Micron Technology fueled a rally in chip stocks that eclipsed fears that renewed U.S. and Iranian attacks might prolong the Middle East conflict and fuel inflation.
Regarding the options market, a total volume of 63,159,372 contracts was traded, of which 59% were call options.
Top 10 Option Volumes
Top 10: NVDA, TSLA, AAPL, META, MU, INTC, AMZN, VIX, SPCX, ORCL
Wall Street loves SpaceX stock. The average analyst price target is about $240, valuing Elon Musk’s rocket and AI company a cool $3.2 trillion —more than Microsoft, Amazon.com, or even TeslaSpaceX stock ended nowhere near that on Thursday. Shares rose 2.6%, closing at $152.16.
A PUT sale worth $20.28 million was the dominant large trade of the day, with 25,000 contracts of the August 21, 2026 $125.00 put sold. Open interest at that strike increased by 24,860 contracts on the same day, suggesting the transaction was likely an opening trade rather than a closing sale.
Source: Tiger Trade App
With SPCX referenced at $148.30, that strike sits out of the money, making this a bullish income-oriented position that benefits if shares remain above $125.00 into expiration. The seller collected premium on downside risk well below the current stock price, which typically signals willingness to own the stock at a lower effective level or confidence that the shares will stay firm. Strategically, this is a bullish premium-collection trade with substantial size and a relatively conservative downside threshold.
The directional takeaway is moderately bullish, because the largest transaction by far was the massive out-of-the-money put sale, and additional premium-selling activity on lower-strike puts reinforced a view that traders were comfortable underwriting downside at levels below the current stock price. While there was meaningful bearish positioning through long puts and the synthetic short structure, the bullish side retained a clear dollar advantage, suggesting the broader large-trade flow leaned toward confidence in price stability to modest upside rather than an aggressive downside outlook.
Unusual Options Activity
Dell Technologies ended the trading session at $450.22, rising 4.22%. A CALL buy worth $18.42 million was the standout large trade, consisting of 1,842 contracts of the March 19, 2027 $500.00 call purchased outright. Open interest at that strike increased by 1,840 contracts on the same day, suggesting the transaction was likely an opening trade rather than a closing sale.
Source: Tiger Trade App
With the stock reference price at $431.97, this strike sits out of the money, making it a clearly bullish directional bet that requires further upside in DELL over the longer term to gain intrinsic value.
The trade’s long-dated tenor suggests the buyer is positioning for a sustained advance rather than a short-term move, using premium outlay to secure leveraged upside exposure into 2027.
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