Market Summary
SPY closed at $571.42, up 0.83% on the day. VIX rose 7% to 18.24, an unusual divergence that suggests institutional hedging activity beneath the surface. Total options volume hit 48.2 million contracts, well above the 20-day average of 41.6 million.
The put/call ratio came in at 0.72, slightly below neutral, indicating continued bullish positioning despite the VIX uptick.
Unusual Activity
NVDA dominated the unusual activity board with 24,500 contracts at the $950 call strike — a volume-to-open-interest ratio of 82.3x. This is consistent with aggressive bullish positioning ahead of next week's GTC keynote. The premium spent was approximately $18.4 million.
META saw significant put accumulation at the $480 strike with 12,800 contracts (38.7x Vol/OI). This could represent hedging ahead of the upcoming earnings cycle or a directional bet.
GEX Shifts
GEX flipped positive for NVDA overnight as dealers absorbed the heavy call buying. This is a supportive signal suggesting lower realized volatility near term. SPY GEX remains firmly positive at the $570-575 level, acting as a gravitational anchor.
Covered Call Opportunity
The best covered call premiums today were found in SOFI (42.8% annualized), PLTR (38.2%), and AMD (31.5%). All three offer strikes 8%+ OTM with manageable risk profiles.