Market Overview
The S&P 500 ended lower on Tuesday (Sept 9), with Salesforce and other software makers losing ground, while hostilities in the Middle East lifted oil prices and investors awaited inflation data that could affect the chance of an interest rate hike.
Regarding the options market, a total volume of 63,523,028 contracts was traded, of which 57% were call options.
Top 10 Option Volumes
Top 10: TSLA, AAPL, NVDA, META, MU, INTC, SPCX, AMD, AMZN, PLTR
AMD closed at $521.10, marking a 3.04% increase. Headline flow was dominated by a $13.99 million double-call buy targeting the 490 strike into mid-October, alongside a $3.70 million purchase of 520 calls. While those large bullish premium outlays grabbed attention, the broader large-trade tape leaned toward bearish call-spread activity, capping upside optimism and leaving the overall sentiment moderately bearish.
A directional double-call buy worth $13.99 million was the largest displayed trade, consisting of two long in-the-money 490.0 calls with the same 1,400-contract size, expiring on 2026-10-16 and 2026-10-09. Because this combination contains two buy-call legs rather than an offsetting call spread or synthetic structure, it is best read as a same-direction call accumulation aimed at capturing a sizable upside move with near-dated leverage. The trade was entered for a net debit of $13.99 million, which signals a strong willingness to pay premium for bullish exposure and for a potentially sharp directional move over the next several weeks.
A call buy worth $3.70 million was the other displayed large trade, involving the purchase of 1,120 in-the-money 520.0 calls expiring on 2026-10-23. With AMD referenced at 521, the strike sat slightly in the money at execution, making this a relatively high-delta bullish expression rather than a far-out speculative lottery ticket. Strategically, this kind of single-leg call purchase points to straightforward upside positioning, with the buyer paying substantial premium to participate in continued strength into late October.
Overall, the bulk-order flow leans bearish despite the presence of notable upside call buying. The largest displayed trades clearly show aggressive traders still willing to spend meaningful premium on in-the-money calls, which reflects expectations for continued upside volatility and near-term strength. However, across the full large-trade set, bearish call-spread activity and the broader aggregate positioning outweigh the bullish premium outlays, leaving the overall conclusion moderately bearish: sentiment is not uniformly negative, but larger smart-money flow appears more focused on capping upside or positioning for a less favorable risk-reward backdrop than the headline call buying alone would suggest.
Unusual Options Activity
NVIDIA closed at $223.67, down 0.91%. The session was marked by substantial options activity, including a $12.34 million net-debit bull call spread and a $22.74 million net-debit long straddle. The call spread targets continued upside within a defined range, while the straddle positions for a significant move in either direction over the long term. Together, the structures point to a moderately bullish directional lean that still embraces elevated uncertainty.
A bullish call spread with a $12.34 million net debit was one of the day’s standout trades, built by buying the September 18, 2026 $195.00 call and selling the November 20, 2026 $210.00 call, with both strikes in the money versus the $223.67 reference stock price. This is a classic upside spread that sacrifices unlimited upside in exchange for lower entry cost, and the net debit structure shows the trader was willing to pay premium for a controlled bullish directional bet. The use of an in-the-money long call paired with an in-the-money short higher-strike call suggests conviction in further upside, but within a defined range rather than an aggressive open-ended chase.
A $22.74 million net-debit two-leg CALL and PUT combination was the largest displayed structure by premium outlay, consisting of a long September 17, 2027 $225.00 call and a long September 17, 2027 $225.00 put. With the call slightly out of the money and the put slightly in the money relative to spot, this is effectively a long straddle centered near the current stock price, expressing a view that NVDA could make a substantial move in either direction over the longer term. Overall, the bulk-order flow still leans bullish, but the tone is not one-sided: the prominent bull call spread points to constructive upside expectations, while the large long call-and-put combination highlights demand for volatility exposure and protection against a major swing. Taken together, the large trades suggest investors remain moderately positive on NVDA’s direction while also acknowledging elevated uncertainty and the potential for outsized price movement.