Market Overview

On July 13, The U.S. major indexes closed as follows: Dow Jones declined 0.26% at 52,498.64; S&P 500 fell 0.79% at 7,515.34; NASDAQ dropped 1.55% at 25,873.18. A late-session sell-off in heavyweight technology and semiconductor names outweighed modest gains earlier in the day, leaving all three benchmarks in the red.

On July 13, total option volume = 57,574,101. Average daily option volume = 63,105,142. 45% puts, 55% calls. 957 stocks have option volume that is greater than their 30 day moving average volume.

Top 10 Option Volumes

Top 10: NVDA、TSLA、AAPL、Amazon.com、Microsoft、Micron Technology、Meta Platforms, Inc.、Intel、SpaceX、Oracle。

Apple's $2.35 Million OTM Call Sale at 320 Strike Signals Bearish Premium Collection, Dwarfing Small Bullish Bets

Large options trades of Apple on the day were dominated by a massive, multi-million dollar out-of-the-money call sale, which heavily outweighed smaller, speculative bullish bets and set a decisively bearish tone for the session's institutional flow.

Overall large-trade sentiment was clearly bearish, with total bullish flow of $0.09 million versus total bearish flow of $2.56 million, leaving a net bearish difference of $2.47 million.

Large Trades

A CALL sale worth $2.35 million was the dominant large trade of the day, with 8,477 contracts sold at the 320.0 strike expiring on 2026-07-15. With AAPL referenced at $317.31, this call was out of the money at the time of the trade, making it a bearish-to-neutral income-oriented position that likely reflects premium collection and a view that upside will remain capped below or not far beyond $320.0 into expiration.

A CALL purchase worth $31.55K was the other highlighted trade, with 3,944 contracts bought at the 350.0 strike expiring on 2026-07-17. This strike sat well out of the money versus the $317.31 reference price, so the trade represented a low-cost bullish upside bet on a substantial move higher by expiration. Because the premium outlay was relatively small at just $0.03 million, the position looks more like speculative upside participation than a high-conviction core bullish expression, giving the buyer leveraged exposure to a breakout while risking only a limited amount of premium.

SpaceX Sees $32.5M In-The-Money Put Buy and Bearish Put-Call Combo, Signaling Institutional Downside Conviction

July 13, SpaceX closed at $139.14, down 4.24%. The session was dominated by a massive $32.51 million put purchase and a bearish multi-leg combination trade, signaling significant institutional conviction on the downside.

Overall sentiment was decisively bearish, with total bearish large-trade flow reaching $44.36 million against just $1.32 million of bullish flow, for a net bearish difference of $43.04 million.

Large Trades

A PUT buy worth $32.51 million was the dominant large trade of the session, with 12,750 contracts purchased in the August 21, 2026 $155.00 put. With SPCX referenced at $139.14, this strike was in the money at the time of the trade, making it a high-conviction bearish position with substantial intrinsic value already embedded. The buyer was paying up for downside exposure on a relatively large scale, which points to either aggressive protection against further weakness or an outright directional bet that the underlying will remain under pressure or decline further into expiration.

A four-leg CALL+PUT combination worth $0.89 million paired long downside puts with short upside calls, specifically buying the July 17, 2026 $135.00 put and $130.00 put while selling the $150.00 call and $155.00 call, all in 1,495-contract size. This structure was executed for a net debit, since the premium paid for the two puts exceeded the premium collected from the two call sales. Strategically, it expresses a bearish bias through downside put ownership while helping finance that view by capping upside through short out-of-the-money calls, indicating a directional downside stance rather than a neutral income trade.

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