Market Overview
On August 24, The U.S. major indexes closed as follows: Dow Jones up 0.26% at 53,417.16; S&P 500 fell 0.28% to 7,652.86; NASDAQ declined 0.76% to 25,980.19. Softer megacap-tech sentiment outweighed a modest lift in cyclical shares, leaving the broader market mixed at the close.
According to MarketChameleon, the total trading volume of U.S. stock options on that day was 56,597,203, while the average daily option volume was 63,926,886. Puts accounted for 41% of the volume and calls for 59%.
Top 10 Option Volumes
Top 10: NVIDIA、Tesla Motors、AAPL、Micron Technology、Amazon.com、Intel、SpaceX、Meta Platforms, Inc.、Cboe Volatility Index、Strategy.
Micron Fell Nearly 6%, with Large‑Size Option Orders Signalling Bearish Sentiment
On Monday, Micron Technology closed at USD 910.43, down 5.83%. Large options trades in Micron showed a split personality on the surface but a clearer bearish tilt underneath.
Large Trades
A PUT sale worth $125,900.00 stood out as one of the day’s key large trades, with 1,999 contracts sold at the 750.0 strike for expiration on 2026-08-28. With MU referenced at 910.43, this put was out of the money at the time of the trade, which typically points to a moderately bullish or income-oriented stance. The seller appears to be expressing confidence that the stock can remain above 750.0 into expiration, allowing the premium to decay, while also signaling willingness to take assignment at a much lower level if the shares fall sharply.
A PUT buy worth $81,000.00 was the other displayed large trade, consisting of 1,307 contracts purchased at the same 750.0 strike and 2026-08-28 expiration. This option was also out of the money versus the 910.43 reference price, making it a downside hedge or speculative bearish position rather than immediate intrinsic-value protection. The buyer is positioning for a meaningful drop over time, seeking leveraged downside exposure if MU weakens materially before expiration.
Overall, the bulk-order flow leans bearish: despite the bullish implication of the large short put, the broader large-trade activity shows heavier downside positioning, reinforced by additional call selling in the full tape, which suggests cautious to negative sentiment and a market bias that is more focused on upside capping and downside risk than on aggressive bullish expansion.
Intel Fell 3%, yet Options Trading Shows Institutional Investors Remain Confident
Intel closed at USD 87.26, declining 3.12%. The options tape showed notable institutional-sized positioning, with a USD 9.10 million bull put spread and a USD 2.27 million synthetic long leading the flow.
Large Trades
A bullish put spread with a USD 9.10 million net credit was the largest displayed trade, built by selling the September 18, 2026 USD 110.00 put and buying the September 18, 2026 USD 85.00 put for the same 4,800-contract size. With INTC referenced at USD 87.26, the short USD 110.00 put was in the money while the long USD 85.00 put was out of the money, making this a classic bull put spread established for premium intake.
The trader is effectively expressing a constructive-to-moderately bullish view that INTC can hold above the lower-risk zone over time, while the purchased USD 85.00 put caps downside exposure and defines the risk of the position.
A synthetic long worth USD 2.27 million was also highlighted, created through buying the September 18, 2026 USD 100.00 call and selling the September 18, 2026 USD 90.00 put in 2,500 contracts each. Based on the preprocessed trade amounts, the synthetic call size is the sum of both legs, with the USD 1.85 million short put and the USD 422,500 long call combining into a bullish stock-replacement structure, while the package was opened for a USD 1.43 million net credit. Given the USD 87.26 reference price, the short USD 90.00 put was in the money and the long USD 100.00 call was out of the money, showing a trader willing to accept downside assignment risk in exchange for leveraged upside participation if INTC strengthens over the longer dated horizon.
Overall, the large-trade flow leans clearly bullish: the biggest premium concentrations were tied to bullish structures, especially credit-based positioning that suggests confidence in downside support and willingness to get long on weakness, while the aggregate block sentiment also points to a constructive outlook rather than defensive hedging.
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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.