Waiting for Jackson Hole
Jackson Hole is this Friday, so big tech stocks are playing it safe this week.
NVDA could dip below 175 this week—if it does, it’s a great spot to sell puts.
Institutions are selling calls at almost the same strikes as last week, plus some new sell call positions at 182.5 $NVDA 20250822 182.5 CALL$ , showing a bias towards a pullback.
If NVDA trades above 182, selling calls makes sense.
Last week’s institutional spreads: sell 355 call, buy 360 call. This week: sell 345 call, buy 370 call.
For single-leg sell calls, look at strikes above 350 $TSLA 20250822 350.0 CALL$ .
On the put side, bears are getting even more aggressive than previous weeks. Even though third-party data shows Tesla sales rebounding this quarter, for safety, only consider selling puts with strikes below 300.
Institutions are hedging for volatility—SPY puts targeting a pullback below 640 but above 620.
Even with Buffett bottom-fishing, Q2 earnings and guidance were weak, with no near-term improvement. 2026 growth is expected below 10% YoY, so any bullish strategy should be conservative.
Most call open interest above 400 is from sellers. Both calls and puts are fighting over the 300 strike—if you want to sell puts, look for strikes below 300.
Last week’s spreads: sell 235 call, buy 237.5 call. This week, sell call strike stays at 235 $AMZN 20250822 235.0 CALL$ , with the hedge leg raised to 247.5.
GOOGL has seen the biggest increase in call strike selling among tech names—still some upside room this week.
Last week’s spread: sell 207.5, buy 212.5 call. This week, it’s sell 210, buy 220 call.
Call spread strikes are slightly higher than last week—selling 330 call, hedging with 357.5 call.
Bottom-fishing sentiment is weak; likely to test 95 this week, mostly range-bound. Still a good candidate for selling out-of-the-money puts.
Today’s conservative trade: Sell put $GOOGL 20250822 200.0 PUT$
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