$SPY$
The biggest uncertainty before year-end is whether the market will pull back to 650. SPY put activity shows various strategies hedging for this scenario, e.g., buy $SPY 20251231 680.0 PUT$ sell $SPY 20251231 650.0 PUT$ .
$NVDA$
Next week is still expected to trade between $170–190, with potentially higher volatility than this week. For a straightforward approach, consider selling the 200 call $NVDA 20251219 200.0 CALL$ , or even a January expiry.
Put activity also reflects significant uncertainty ahead of Christmas, which makes sense—if the stock can’t rally, it will likely move lower. Overall, however, the range is still seen as $180–200.
$TSLA$
Institutional opening flow shows a call spread: sell $TSLA 20251212 470.0 CALL$ , buy $TSLA 20251212 490.0 CALL$ , with strikes higher than this week’s $440–460 range. Given the potential for continued short covering, a safer single-leg sell call would be the $TSLA 20251212 490.0 CALL$ .
$INTC$
Breaking: Rumors suggest TSMC may also build a chip packaging plant in Arizona. If TSMC moves in, Intel’s packaging role could be marginalized, hence the stock sold off.
Large block in the March 50 call $INTC 20260320 50.0 CALL$ was closed and rolled down to the 45 strike $INTC 20260320 45.0 CALL$ . Short-term, reclaiming $50 looks challenging, but with this kind of news-driven stock, anything is possible.
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