Bears Hit Google With a $12 Million Put Position
$GOOGL$
The broader market looks set to continue its rebound today, with $SPY$ potentially pushing toward 688. But not all names are participating — year-end sector rotation is becoming more obvious.
This time, rotation moved against Google. Bears opened a sizeable position by purchasing 10,000 contracts of the Jan 9th 315P $GOOGL 20260109 315.0 PUT$ , spending roughly $12 million in premium.
Outside of this put activity, $GOOGL$’s options flow remains generally strong, implying a probable trading range of $315–325. However, that large bearish bet does add caution — Google may hold above 315 this week, but the outlook beyond next week is less stable.
$NVDA$
The base case remains a $180–185 range. For this week, selling the 175P $NVDA 20251205 175.0 PUT$ and the 185C $NVDA 20251205 185.0 CALL$ is reasonable. Expect put buying for hedging purposes to continue into the coming weeks.
$TSLA$
Originally, selling calls into strength looked ideal — but Wednesday’s flow showed more bullishness than expected. There was even opening buy activity in the 480C $TSLA 20251212 480.0 CALL$ .
Additionally, the previously large 800C $TSLA 20260618 800.0 CALL$ was closed, while 33.5k contracts were opened in the Jan 550C $TSLA 20260116 550.0 CALL$ . Although these appear as standalone single-leg trades, the move resembles a roll-down from 800 to 550. Hard to determine whether this comes from informed flow or speculative traders.
$INTC$
Institutions closed their long 48C $INTC 20260320 48.0 CALL$ and rolled into the same-expiry 55C $INTC 20260320 55.0 CALL$ , implying an upside target near $50.
Intel’s option flow continues to show relative strength. For those looking to chase momentum, selling the 41P $INTC 20251212 41.0 PUT$ is a potential consideration.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
