Market Overview
Oct 30 - US stocks tumbled on Friday, with the Nasdaq suffering its largest one-day percentage drop since June 5 following disappointing quarterly results from Intel and Amazon, which amplified growing worries surrounding AI-related companies' massive spending on the nascent technology.
Regarding the options market, a total volume of 85,061,871 contracts was traded, of which 53% were call options.
Top 10 Option Volumes
Top 10: $NVDA(NVDA)$, $INTC(INTC)$, $TSLA(TSLA)$, $AAPL(AAPL)$, $MU(MU)$, $SPCX(SPCX)$, $MSTR(MSTR)$, $META(META)$, $SMCI(SMCI)$, $COIN(COIN)$
Source: Tiger Trade APP
$Intel(INTC)$ closed at USD 65.76, down 28.58%.
The post-earnings plunge did not deter large options traders, who leaned decisively bullish. A massive $39.85 million bull call spread and a $5.05 million synthetic long highlighted the session, indicating expectations for stabilization and eventual upside recovery rather than continued downside. The Call/Put volume ratio of 1.38 reinforces this constructive tone among active options participants.
A bullish call spread with a net debit of $39.85 million was the standout large trade of the session. The structure paired a purchase of 41,000 Jan. 15, 2027 $55.00 calls, which were in the money versus the $65.76 stock reference, with a sale of 65,000 Nov. 20, 2026 $70.00 calls, which were out of the money. As a bull call spread, this is a defined-risk upside strategy entered for a net debit, signaling a directional bullish bet on further gains while capping part of the upside in exchange for lowering upfront cost. The use of an in-the-money long call against an out-of-the-money short call suggests the trader wanted meaningful upside exposure but still kept the position disciplined from a capital-efficiency standpoint.
A synthetic long worth $5.05 million appeared in the second highlighted trade, created through the purchase of 3,000 Sep. 17, 2027 $80.00 calls and the sale of 3,000 Sep. 17, 2027 $55.00 puts. Both legs were out of the money, and the package carried a net debit of $765 thousand. Because this combination is a buy call plus sell put, it functions as a synthetic call option that expresses a bullish stock-like view with downside assignment risk at the short put strike. Overall, the large-trade picture is clearly bullish: the biggest highlighted flow was a sizable upside call spread, the other highlighted package was a synthetic long, and the broader block activity was dominated by premium-selling in puts and other bullish structures, indicating traders were positioning for stabilization to further upside rather than preparing for a sustained downside move.
Unusual Options Activity
$SanDisk(SNDK)$ closed at $1150.89, down 13.47%.
The options tape featured a $19.32 million short put spread collecting premium below the 650 strike, alongside a $3.72 million sale of 800 puts. The dominant bulk flow leaned bearish through call selling and neutral-to-bearish put spread activity, though the far out-of-the-money short 800 put provided a notable offset, suggesting large traders are combining premium collection with a capped upside view rather than pursuing an aggressive bullish breakout.
A spread strategy collecting $19.32 million in net credit was the largest displayed block, structured as a same-direction short put spread using the December 17, 2027 expiration with short 650.0 puts and short 640.0 puts. With both legs sold and both strikes well below the $1,150.89 reference price, the position is entirely out of the money and is best read as a premium-collection trade that leans neutral to mildly bearish in tone, expressing a view that SanDisk is unlikely to collapse toward those lower strike areas over the life of the trade while the seller harvests option decay.
A PUT sale worth $3.72 million was the other displayed large trade, involving the sale of 2,800 contracts of the 800.0 put expiring January 15, 2027. This strike sits far out of the money versus the $1,150.89 reference price, so the trade reflects a bullish-to-confidence stance: the seller is effectively wagering that SanDisk will remain comfortably above 800 into expiration, using the out-of-the-money short put to collect premium and potentially express willingness to own shares only after a very large downside move.
Overall, the large-order flow points to a bearish bias. Even though the displayed short 800 put is supportive and reflects confidence in a distant downside floor, the broader bulk-order picture is dominated by bearish premium-selling activity, especially call selling and the neutral-to-bearish short-put combination, which together suggest traders are more focused on capping upside expectations and monetizing volatility than positioning for a strong bullish breakout.
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$(INTC)$ $(SNDK)$ $GraniteShares 2X Long INTC Daily ETF(INTW)$ $Direxion Daily INTC Bull 2X ETF(LINT)$ $Corgi INTC 2x Daily ETF(INT)$ $YieldMax INTC Option Income Strategy ETF(INYY)$ $Tradr 2X Long SNDK Daily ETF(SNXX)$ $Tradr 2X Short SNDK Daily ETF(SNDQ)$ $T-Rex 2X Long SNDK Daily Target ETF(SNDU)$ $Leverage Shares 2X Long SNDK Daily ETF(SNDG)$ $Corgi SNDK 2x Daily ETF(SNDC)$
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