Super bull market? A roundup of bullish block trades
Long-awaited block trade roundup:
Sell put 600 $QQQ 20260918 600.0 PUT$ , volume 6,750, notional $28.89M. A one-year-out 600 put that, in theory, is a “can’t-lose” sell; in practice it implies the big player expects no VIX > 30-type selloff soon, otherwise margin calls could force a cover.
Sell put 430 $TSLA 20251003 430.0 PUT$ , volume 4,752, notional $6.14M. Interpreted as expecting TSLA to close above 430 on Oct 3, or at least above 417.
Buy call 550 $TSLA 20251017 550.0 CALL$ , volume 6,906, notional $1.72M. Bullish TSLA.
Buy call 160 $CRWV 20251031 160.0 CALL$ , volume 7,550, notional $3.435M. Likely a bet on a move to 160 into or on earnings.
Sell put 28 $INTC 20260417 28.0 PUT$ , volume 7,000, notional $1.995M. View: Intel is worth buying at 25 or can hold above 28 next year.
Sell put 160 $NVDA 20251219 160.0 PUT$
Buy call 185 $NVDA 20251219 185.0 CALL$
Sell call 210 $NVDA 20251219 210.0 CALL$
Overall view: bullish NVIDIA with a year-end price zone above 190.
Options flows suggest tug-of-war around 170, and likely sub-200 in October.
Notably, the “$200M guy” closed 25,000 of the 180 calls $NVDA 20251121 180.0 CALL$ , leaving 100,000 contracts open. Trimming here is puzzling—unclear what informational edge is at play.
215 calls expiring Oct 17 $NVDA 20251017 215.0 CALL$ saw 64,000 opened; direction uncertain, but taken with other flows, it implies October spot likely below 215.
A large bearish October position bought the 180 puts $NVDA 20251017 180.0 PUT$ , volume 2,700, notional $1.93M. Given a possible pullback to 170, the bearish hedge makes sense.
A bullish block closed 25,000 of the November 140 calls $MU 20251121 140.0 CALL$ without a roll—might reassess for a few days, similar to ORCL.
Conservative bears see sub-185 by late November; aggressive bears want a retest of the 20-day MA around 145. I’d wait and use those levels to choose long-call strikes.
How to read Intel’s news?
“Save Intel” X
Make U.S. government investment pay off √
Politically, government-backed capital “shouldn’t lose,” which makes a large sustained decline in Intel less likely.
Top bullish opening flow is the 35 calls $INTC 20251121 35.0 CALL$ , mostly buys, with 27,900 opened. Useful as a near-term reference.
As noted above in the block section, pullbacks are suitable for selling puts; 420 or 430 strikes both work.
Bullish toward 200; on dips consider selling puts $BABA 20251003 170.0 PUT$ .
Bullish opening flows offer good guidance: around 200 it’s mainly sell calls $BABA 20251003 200.0 CALL$ .
The 185 call saw notable bullish buying $BABA 20251121 185.0 CALL$ .
Expected weekly range 655–665, with no sharp pullback anticipated.
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