Micron blew out earnings and gapped higher. Within minutes $91 million in puts hit the tape across Micron and SanDisk. $36.3 million in Micron August $1,000 puts. $20.3 million in near-term Micron puts already printing by pre-market. And $33.5 million in SanDisk August puts with IV at 118%. Someone either faded the gap or hedged enormous gains immediately.
The context: SanDisk just posted the highest monthly RSI reading of any stock ever at 99.3. Micron is trading nearly 3x its 200-day moving average. Samsung and SK Hynix announced overnight they are expanding production. The cure for high prices is higher prices because it invites supply. That supply is now on the way.
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Chapters
0:00 $91 million in puts immediately after Micron earnings gap
0:35...