Market Overview
On Sep 17, The U.S. major indexes closed as follows: Dow Jones up 0.61% at 51,778.04; S&P 500 up 1.14% at 7,637.76; NASDAQ up 1.69% at 26,418.30. Investors embraced a strong rebound after the prior session’s rate-hike turbulence, with technology shares spearheading gains across the board.
According to MarketChameleon, the total trading volume of U.S. stock options on that day was 62,775,715, while the average daily option volume was 63,048,763. Puts accounted for 45% of the volume and calls for 55%.
Top 10 Option Volumes
Top 10: Tesla Motors, NVIDIA, Intel, SpaceX, AAPL, Advanced Micro Devices, Micron Technology, Amazon.com, Cboe Volatility Index, CoreWeave, Inc..
CoreWeave Sees $11.6 Million Short Put Combo on ITM Strikes
CoreWeave, Inc. closed at USD 79.88, down 4.16% from the prior close. Options flow showed a pronounced premium-selling bias led by an $11.60 million short put combination on in-the-money strikes, while a separate $3.71 million out-of-the-money short put added to the income-collection theme. The largest displayed structure was a September 2026 same-direction short put package rather than a synthetic spread, reflecting an institutional preference for harvesting rich downside premium amid weak sentiment instead of positioning for upside breakout.
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Large Trades
A premium-collection put spread package with a net credit of $11.60 million was the largest displayed trade, consisting of two short puts in the same expiration and therefore best read as a same-direction short put combination rather than a synthetic structure. The trader sold the September 18, 2026 $120.00 put and the September 18, 2026 $105.00 put, both of which were in the money versus the $79.88 reference stock price, making this a relatively aggressive income trade that leans neutral-to-bearish in character. Because both legs are short puts, the strategy is effectively a put credit structure focused on collecting option premium, with the positioning suggesting the trader is comfortable taking downside exposure and is likely betting the shares remain stable enough over time for rich premium decay to work in their favor rather than expressing an outright bullish upside chase.
A short out-of-the-money put worth $3.71 million was the other displayed large trade, with 1,500 contracts sold on the December 15, 2028 $70.00 put. With the strike below the current $79.88 reference price, this single-leg trade was out of the money at execution and carries a moderately bullish interpretation: the seller is collecting premium while signaling willingness to own the stock at a lower effective entry level if assigned.
Taken together, the large-trade flow still points to an overall bearish tilt in institutional sentiment, as the broader bulk-order picture skews negative and the biggest highlighted trade was a premium-selling structure built around in-the-money puts rather than upside call exposure, indicating the market is more focused on harvesting elevated downside premium and managing risk around weaker price expectations than on positioning for a strong bullish breakout.
Intel's $22.6M "Dual Long Put" Position Signals Strong Bearish Outlook
Intel closed at USD 108.80, rising 7.67%. Despite the sharp rally, a massive $22.60 million dual long put position on the 2028 $125 strikes stood out as the dominant trade, signaling aggressive bearish conviction from an institutional player.
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Large Trades
A directional put-buying combination worth $22.60 million was the largest highlighted trade, consisting of two long 125.0 puts expiring on 2028-01-21, with 3,000 contracts and 2,900 contracts respectively. Both legs were in the money versus the $108.80 reference stock price, and because this was a same-direction dual-buy put structure, it reads as an aggressive bearish volatility bet rather than a hedge financed by premium sales.
The net debit of $22.60 million signals a trader willing to pay substantial premium upfront for downside exposure over the long term, implying expectations for a meaningful decline in INTC and potentially a large move lower rather than a modest pullback.
A synthetic long position worth $1.35 million was also featured, built through buying the 120.0 call and selling the 80.0 put, both expiring on 2026-10-16 and both out of the money. Strategically, this structure expresses a bullish stance with lower upfront cash outlay than a straight call purchase, while taking on downside assignment risk through the short put; in effect, the trader is positioning for upside in INTC over the medium-to-long horizon.
Overall, however, the large-trade flow remains clearly bearish: the standout activity was dominated by heavy premium paid for downside put exposure, while the broader block flow also leaned toward call selling and bearish spread activity. Even with selective bullish positioning present, the institutional tone points to caution and a negative directional bias on INTC.
Strategy Reference
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.