To The Moon

Neck pain kept me out Tuesday—turns out the market got a stiff neck too.

Tuesday’s tech dump didn’t have a specific trigger—just a failed handoff of bullish catalysts, so the long-anticipated pullback began.

Tickers covered: SPY, NVDA, TSLA, PLTR, AMD, AAPL, GOOGL, CRWV

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

• On Tuesday, tech stocks fell harder than the index, but that doesn’t mean the overall market drop is done—expect more downside.

• Big open interest in puts, with the next two weeks targeting 630.

• As mentioned in Monday’s note, someone opened a SPY 620–640 put spread.

• If the market isn’t done dropping, expect more tech weakness.

• Notable: Large call buys in VIX and VXX—$VXX 20251219 40.0 CALL$  ($8.57M) and $VIX 20251119 22.0 CALL$  ($8.03M).

• The VIX 22 call is way out of the money, betting on VIX >20, which would mean SPX around 630 (down ~1.5–1.6%).

• Large single-leg VIX call buys are rare—usually it’s spreads/combos. Seeing this means the odds of further market downside just went up.

$NVIDIA(NVDA)$

• NVDA is still the strongest name this week.

• On Tuesday, “$200M guy” rolled calls: closed 160 $NVDA 20250919 160.0 CALL$  and 185 call, rolled up to 190 $NVDA 20250919 190.0 CALL$  and 200 $NVDA 20250919 200.0 CALL$ .

• On the put side, big “buy the dip” trades: selling 172.5 put $NVDA 20250822 172.5 PUT$ , buying 170 put $NVDA 20250822 170 PUT$ —suggests NVDA won’t break below 172.5 this week.

• Ahead of earnings, NVDA should remain supported.

$Tesla Motors(TSLA)$

• Bears weren’t able to push TSLA down—found strong support.

• Given bullish call activity, I wouldn’t sell calls here—might miss a move up.

• Downside put activity targets 310; if selling puts, stick to 300 strikes.

$Palantir Technologies Inc.(PLTR)$

• Most call activity is selling, so lots of sell call flows.

• Downside target is 150, with possible chop around the 60-day MA (~147).

$Advanced Micro Devices(AMD)$

• Calls above 170 are mostly bearish.

• Puts are targeting a drop below 165; there’s some disagreement at 150 (bulls vs. bears). If you want to bottom-fish, wait for 160.

$Apple(AAPL)$

• Apple’s pullback targets are split—some see 200, others 220. Oddly, bullish expectations are also strong.

$Alphabet(GOOGL)$

• Potential pullback to 190.

$CoreWeave, Inc.(CRWV)$

• Market sees downside to 80–85.

• Last week’s big put roller moved from 100 puts to next week’s 90 put $CRWV 20250829 90.0 PUT$ , suggesting a move below 90.

• Funds aren’t interested in bottom-fishing here.

• If you’re holding shares, consider a covered combo: sell 97 call $CRWV 20250822 97.0 CALL$ , buy 85 put $CRWV 20250822 85.0 PUT$ .

Trades: Closed out GOOGL puts for safety. Also sold NVDA 170 put $NVDA 20250822 170 PUT$ .