To The Moon

Market Overview

Wall Street ended lower on Wednesday (September 23), pulled down by Alphabet and Amazon, as Treasury yields climbed and Iran's president said Tehran would never surrender ​to US pressure.

Regarding the options market, a total volume of 63,851,149 contracts was traded, of which 56% were call options.

Top 10 Option Volumes

Top 10: $TSLA(TSLA)$, $NVDA(NVDA)$, $AAPL(AAPL)$, $MU(MU)$, $AMZN(AMZN)$, $INTC(INTC)$, $SPCX(SPCX)$, $MSTR(MSTR)$, $GME(GME)$, $BABA(BABA)$

Source: Tiger Trade APP

$SpaceX(SPCX)$ closed at USD 148.36, down 4.11%.

Despite the decline, large options prints showed pronounced bullish conviction. A $3.17 million synthetic long and a $1.59 million long-dated put sale dominated displayed activity. The first built leveraged upside exposure into late 2026, while the second collected premium against a deep out-of-the-money strike into 2028. Both structures reflected confidence in long-term resilience and appreciation for SpaceX, suggesting institutional traders treated the dip as an opportunity to establish or add to optimistic positions.

A synthetic call position worth $3.17 million stood out as the largest displayed trade, built by selling 2,000 November 20, 2026 $150.00 puts for $2.46 million while buying 4,000 November 20, 2026 $200.00 calls for $704,000, for a reported net credit of $1.76 million. With SPCX referenced at $148.36, the short $150.00 put was in the money and the long $200.00 call was out of the money, creating a leveraged bullish structure that mirrors long stock exposure above the strike while using option premium intake to help finance upside participation. The trader appears to be expressing a longer-dated bullish view, willing to accept downside assignment risk in exchange for substantial upside exposure into late 2026.

SPCX 20261120 150.0 PUT

SPCX 20261120 200.0 CALL

Source: Tiger Trade APP

A put sale worth $1.59 million was the second major displayed trade, consisting of 1,250 December 15, 2028 $90.00 puts sold. With the stock well above that strike, the option was out of the money at execution, making this a bullish-to-neutral income-style position that suggests confidence SPCX can remain above $90.00 over the long term. The seller is effectively betting that deep downside risk is limited over this horizon, using premium collection as the primary objective while signaling willingness to own shares at a much lower effective entry level if assigned. Overall, the large-trade flow leans clearly bullish, as the biggest orders were both premium-generating structures tied to upside participation or downside confidence rather than outright downside hedging. The mix of a large synthetic long and a sizable long-dated put sale suggests institutional traders are positioning for resilience and eventual appreciation in SPCX, even if they are using option structure and premium collection to manage entry and risk.

SPCX 20281215 90.0 PUT

Source: Tiger Trade APP

Unusual Options Activity

$Palantir(PLTR)$ closed at $191.79, up 3.68%.

The largest displayed options trades were anchored by a $2.35 million net-credit bull put spread selling $190 puts into November 2026, a strong signal of institutional confidence in support near current levels. A smaller $332,300.00 bear call spread at the $200/$207.50 strikes capped upside into October 2026, suggesting controlled bullish positioning rather than aggressive upside bets.

A bull put spread with a net credit of $2.35 million was the largest displayed trade, pairing the sale of 1,800 Nov. 20, 2026 $190.00 puts with the purchase of 1,800 Nov. 20, 2026 $150.00 puts. With PLTR referenced at $191.79, both strikes were out of the money at execution, making this a classic premium-collection structure that expresses a moderately bullish stance while defining downside risk through the long lower-strike put. The trader is effectively positioning for PLTR to stay above $190.00 into expiration, or at least avoid a meaningful breakdown, and the sizable net credit indicates confidence in support holding near current levels over a longer-dated horizon.

PLTR 20261120 150.0 PUT

PLTR 20261120 190.0 PUT

Source: Tiger Trade APP

A bear call spread with a net credit of $332,300.00 was the other displayed large trade, consisting of the sale of 1,978 Oct. 2, 2026 $200.00 calls and the purchase of 1,978 Oct. 2, 2026 $207.50 calls. Both call strikes were out of the money versus the $191.79 reference price, so this was a defined-risk bearish income strategy aimed at collecting premium while betting PLTR will remain below $200.00 by expiration. The short $200.00 call caps upside participation near that level, while the long $207.50 call limits risk on a breakout, signaling a view that near-term upside is likely constrained even if the broader positioning is not aggressively bearish.

PLTR 20261002 200.0 CALL

PLTR 20261002 207.5 CALL

Source: Tiger Trade APP

Overall, the large-trade flow in PLTR leans clearly bullish. The dominant activity was concentrated in multiple bull put spreads centered around the $190.00 strike, which suggests institutional traders are comfortable underwriting downside near current levels and are leaning toward price stability or moderate upside rather than preparing for a sharp selloff. Although there was some bearish positioning through call spreads and a small bear put spread, those trades were materially smaller and appear more consistent with capping upside or tactical hedging than with a strong outright negative view. The net takeaway is that market sentiment in the bulk orders favors a constructive-to-bullish outlook, with traders expressing confidence that PLTR can hold key support while upside may advance in a controlled manner.

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