$Roundhill Memory ETF(DRAM)$ Heck of a day. I figured they were going to shake it out, and they always do. Good day to harvest premium.

Very aggressive dip buying going on. Volatility is rising, sitting at 72% with volume at 384.84k contracts, which is 106% of average. Put call ratio is 0.49. That's a pretty aggressive signal that participants expect the market to rise.

It's a very odd market in dram options. It looked like institutions and big money are defending the $60 call ceiling at the Aug 21 expiry and moving their calls to 62 and 64 the next week, then to 65 and 70 after that. Hard to say before the exchange batches today's action, but it should be clearer after.

My read was there's no way they were going to assign calls at 60. What they do with the 52k open interest at the $60 put is the wildcard. Surely they don't want to assign 52k contracts on the put any more than the 97k on the call.

So what happens? Who knows. The spread on the 60 call is .01. The spread on the 60 put is .15. If I were the market maker, I'd drop the premium on the calls and let them roll, then take the 60 put out of the money. Call premiums went way down with today's action, so maybe they took that opportunity to roll. Put holders aren't going to close, I don't think. Put premium is way up. Mark is 5.05 on the put, .33 on the call.

Volume on the Aug 21 $60 call is 30004 today and open interest is 97401. Should know more after tomorrow's exchange batch. No matter what they do here, the $60 call ceiling is moving up, so that's a good thing. I know Nvidia's 210 call ceiling went on and on, but I don't think that's possible here given the very low float. It matters.