To The Moon

$Tesla Motors(TSLA)$

Thursday’s open interest flow was unusual, with exceptionally heavy activity in November expirations.

Institutions executed a large long call roll: closing 34,000 contracts of the November $355$ call ($TSLA 20251121 355.0 CALL$ ), and rolling into the November $455$ call ($TSLA 20251121 455.0 CALL$ ), opening 50,000 contracts. While contract size increased, notional value decreased (closed $287M$, opened $161M$).

Rolling up to a much higher strike is rare in institutional flows. Sometimes, after a rally, institutions get more conservative (e.g., Oracle rolled calls to $280$, below spot at $300$). Here, however, they’re clearly staying bullish on Tesla’s uptrend.

In addition, 19,000 contracts of the November $500$ call ($TSLA 20251121 500.0 CALL$ ) were opened, with a notional value around $38M$. Unlike the $455$ call, flow in the $500$ call looks retail-driven—both buys and sells. Personally, I suspect this is still likely a single institution opening a position, using a small outlay to bet on a Tesla move to $500$.

I also believe the same institution is hedging, opening put spreads for October and November ($370$/$270$):

• Buy $TSLA 20251121 370.0 PUT$ , open 17,000 contracts

• Sell $TSLA 20251121 270.0 PUT$ , open 17,000 contracts

and

• Buy $TSLA 20251031 370.0 PUT$ , open 26,000 contracts

• Sell $TSLA 20251031 270.0 PUT$ , open 26,000 contracts

There’s also a sizable new position selling the November $380$ put ($TSLA 20251121 380.0 PUT$ ), with 7,000 contracts opened, notional estimated at $16M.

Bottom line: Tesla remains a very attractive sell put candidate over the next two months, and you could even consider $400$ strikes. I’m only recommending the more conservative strategies—aggressive upside comes with risk, especially as these large players are also hedging with puts.

$Intel(INTC)$

Options positioning is extremely active, mostly centered on bullish calls, as higher implied volatility supports both buying and selling strategies.

There are two camps on Intel’s forward path: bulls see upside to $37$ and even $45$ ($INTC 20260116 37.0 CALL$ , $INTC 20260116 45.0 CALL$ ), while bears expect a gradual fade back to $27$–$28$, e.g., selling calls at $27$ ($INTC 20251024 27.0 CALL$ ).

Short term, the story is the same as Oracle: Intel can’t yet prove NVIDIA’s help will drive near-term revenue. The bullish case needs more confirmation—maybe from earnings. I don’t expect a big near-term revenue beat, but the stock probably won’t collapse either. That makes Intel another solid sell put candidate.

$NVIDIA(NVDA)$

No big change—still expect rangebound action in $170$–$180$, with possible dips to $165$.

$CoreWeave, Inc.(CRWV)$

Institutions are rolling positions from this week’s $108$ puts and $115$ calls ($CRWV 20250919 108.0 PUT$ , $CRWV 20250919 115.0 CALL$ ) into next week’s $110$ puts and $125$ calls ($CRWV 20250926 110.0 PUT$ , $CRWV 20250926 125.0 CALL$ ).

On September 12, after a pullback, institutions rolled $126$ calls ($CRWV 20250919 126.0 CALL$ ) down to $115$ ($CRWV 20250919 115.0 CALL$ ).

I lean toward the put leg being a sell; the call side is less clear. Statistically, downside protection seems more favored than upside. Unless there’s a new bullish catalyst, expect CRWV to chop between $110$ and $125$ next week.