Market Overview

On July 15, The U.S. major indexes closed as follows: Dow Jones up 0.29% at 52,658.64; S&P 500 up 0.38% at 7,572.40; NASDAQ up 0.62% at 26,269.23. The trio of benchmarks shrugged off pockets of volatility to notch modest gains, with broad advances in technology and communication names outweighing weakness in select chipmakers.

The total trading volume of US stock options was 62,574,296, and the average daily option volume was 63,017,293. Puts accounted for 42%, while calls made up 58%. Additionally, 1,055 stocks had option volumes exceeding their 30-day moving average.

Top 10 Option Volumes

Top 10: NVDA、Tesla Motors、Apple、Micron Technology、Amazon.com、Microsoft、Meta Platforms, Inc.、Intel、Cboe Volatility Index、SpaceX。

SpaceX Sinks Below IPO Price; Over $60 Million in Puts Signals Key Trend

SpaceX closed at 135.27 USD, down 0.60%. Recent large options trades in SPCX, including a $61.81 million premium-collection strategy and a $19.70 million synthetic short, highlight significant institutional positioning amidst a modest daily stock decline.

Large Trades

A put-heavy premium collection trade worth $61.81 million was the largest displayed block, structured as a same-direction double short put combination by selling 4,747 contracts of the August 21, 2026 $200.00 put and 4,747 contracts of the July 17, 2026 $200.00 put. This is a net credit position designed to collect option premium, and with both strikes deep in-the-money versus the $135.27 reference stock price, it reflects a high-conviction volatility or range-view trade rather than an outright bullish expression. Strategically, the seller appears willing to take on downside assignment risk across two maturities in exchange for premium income, which fits a neutral-to-bearish stance in the context of the aggregated sentiment.

A synthetic short worth $19.70 million was the other displayed large trade, built by buying 5,000 contracts of the September 18, 2026 $150.00 put and selling 5,000 contracts of the September 18, 2026 $150.00 call. With the put already in-the-money and the call out-of-the-money relative to the $135.27 reference price, the trade expresses a clear directional downside bet while also using options to define the positioning through expiration.

Overall sentiment was decisively bearish, with total bearish large-trade flow of $110.93 million against just $1.49 million of bullish flow, leaving a net bearish imbalance of $109.45 million.

Micron $595 Put Options Signal Strong Bearish Sentiment

Micron Technology closed at USD 904.28, down 8.02%. The day's options activity was highlighted by a significant, multi-million dollar long-dated put purchase, indicating a notable bearish bet or hedging demand for a potential deep pullback in the stock.

A PUT buy worth $1.21 million was the standout large trade, with 3,026 contracts purchased in the 595.00 strike put expiring on 2026-07-31. This was a single-leg bearish position placed well out of the money versus the reference stock price of $904.28, indicating the buyer was not positioning for an immediate small decline but rather paying premium for downside exposure in a much deeper selloff scenario. Strategically, this kind of long put flow typically reflects a directional bearish bet or a tail-risk hedge, and the size suggests a meaningful willingness to spend premium for protection or downside leverage over a longer-dated horizon.

Overall sentiment in MU large trades was bearish. Total bullish flow came to $0.37 million, while total bearish flow reached $1.47 million, leaving a net bearish difference of $1.10 million. The directional judgment is therefore clearly negative, as bearish premium buying materially outweighed bullish activity.

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Risks

Implied volatility typically contracts rapidly after earnings, a phenomenon commonly referred to as IV crush, which can significantly reduce the value of long option positions even if the stock moves in the anticipated direction. In addition, time decay accelerates as options approach expiration. Investors should carefully assess the risk profile of any options strategy before establishing positions.

Disclaimer: This analysis is based on publicly available market data and is provided for informational purposes only. It does not constitute investment advice. Options trading involves substantial risk, and investors may lose more than their initial investment.