$MU$
Micron shorts covered, followed by a $50 million bullish call order.
I joked earlier that Trump wanted to buy MU cheap — shorting it hard with big put positions, and that once those puts closed, it might be time to bottom-fish.
Turns out that wasn't entirely a joke. On Tuesday's open, two of the most prominent short-dated bearish positions were closed:
$MU 20260424 420.0 PUT$
$MU 20260424 400.0 PUT$
$MU 20260424 380.0 PUT$
Then, looking at open interest, a new position emerged: 29,000 contracts of the June 18th 400 call $MU 20260618 400.0 CALL$ were bought.
How did that trade execute? If it was all after the Iranian president's speech, that'd be one thing. But this order $MU 20260618 400.0 CALL$ was filled throughout the day — in batches, across different times.
A similar pattern appeared in TSMC: 34,000 contracts of the June 370 call $TSM 20260618 370.0 CALL$ .
What does this tell us? The trader is highly confident in a mid-year rebound, but chose June expiry — perhaps to allow for near-term uncertainty. More importantly, someone knew Trump was serious about TACO. This is the kind of conviction that warrants size. Classic informed flow.
For comparison, the same day, a typical institution rolled their TSM long calls — lowering the strike and extending the expiry:
Closed $TSM 20260618 300.0 PUT$ , rolled to $TSM 20260618 300.0 PUT$ (same strike, further date).
What I didn't expect: Micron bounced so fast there was barely any time to get in.
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