To The Moon

$SPDR S&P 500 ETF Trust(SPY)$

This is the most aggressive single-leg bullish bet I've ever seen:

• $SPY 20260821 785.0 CALL$  — a block trade buying the August 21-expiry 785 call, opening 85,000 contracts.

• $SPY 20260814 775.0 CALL$— a block trade buying the August 14-expiry 775 call, opening 85,000 contracts.

• $SPY 20260918 820.0 CALL$ — a block trade buying the September 18-expiry 820 call, opening 26,000 contracts.

Notably, the 785 call is a roll — the previously mentioned $SPY 20260821 775.0 CALL$  block trade was closed and rolled to the higher strike of 785. Generally speaking, rolling short-term bullish calls suggests it's time for partial profit-taking. After all, SPY's gains over the past two days are equivalent to a full month's worth of gains. If it rallies much further, the shorts that just got squeezed will start selling again.

Looking ahead, the S&P 500 is expected to be in a high-level consolidation with bullish undertones — a great environment for selling puts. Individual sectors are rotating upward to keep the broader market from falling, but stock selection at this point takes some brainpower. It's simpler and more straightforward to just sell puts on SPY or the $S&P 500 Mini-SPX(.XSP)$ directly.

$Invesco QQQ(QQQ)$

It's not just SPY with long calls — QQQ has them too:

• $QQQ 20270617 880.0 CALL$  — a block trade buying the June 17, 2027-expiry 880 call, opening 34,000 contracts.

• $QQQ 20260904 735.0 CALL$— a block trade buying the September 4-expiry 735 call, opening 26,000 contracts.

• $QQQ 20270319 830.0 CALL$  — a block trade buying the March 19, 2027-expiry 830 call, opening 19,000 contracts.

Notably, the September 4 735 call is also a roll — the trader closed out the August 7 690 call and rolled into the medium-term higher-strike 735. Like SPY, this is a partial profit-taking strategy.

Also, an interesting observation: many of these bullish block trades on August 4 were executed between 2:00 PM and 2:30 PM — makes me wonder what news those traders got after coming back from lunch.

$NVIDIA(NVDA)$

NVIDIA shorts have been getting squeezed all week, non-stop — serving as fuel for the broader market rally. Based on the original rhythm, this week's range was 190–210, but it now appears to be trending toward breaking through the previous high.

Looking ahead, NVIDIA's price action may mirror the companies that served as catalysts in the prior week — like Amazon and Microsoft.

$SK hynix(SKHY)$

There are plenty of medium-sized call trades on Hynix, but they're not from the same group as the SPY/QQQ call buyers — because most of their expirations are pushed out to November. Examples include: $SKHY 20261120 180.0 CALL$ $SKHY 20261120 200.0 CALL$ $SKHY 20261120 155.0 CALL$ $SKHY 20270617 180.0 CALL$

There's also a Bull Call Spread — buying 160 and selling 280: $SKHY 20261120 160.0 CALL$ ,$SKHY 20261120 280.0 CALL$ 

In short, just like SPY, Hynix is also well-suited for a broader follow-the-trend strategy — selling puts.