Weekly Option Flow Summary, Week of Sept 20-2020: AAPL, ADBE, C, CLDR, ORCL, PBR, WRTC

After 3 weeks of absolutely portfolio-destroying FUCKERY, it seems some players have begun to roll the dice on a reversal and bounce in tech. Will the rug-pull continue or will we get stimulus into our bank accounts (immediate deposit to Robinhood) and perhaps our portfolio’s. The truth of the matter is that NOBODY FKN KNOWS, anyone selling you a subscription telling you where the market is going is playing you like a fiddle. Here’s some of the activity spotted last week, would be A-MAZING to see some follow through after the last 2 green sessions on Thursday and Friday.

AAPL – Apple Inc

AAPL finally saw some YOLO-ers roll thru late Thursday into the close and Friday throughout the trading day. Nothing extremely specific, but the call buying was in a range of strikes OTM and for short-term expirations. Players looking for a short-term bounce in tech here as they’ve been beaten to a pulp in the last 3 weeks.

ADBE – Adobe

ADBE saw a massive call block come through on Friday. 5,000 January 2021 CALLs at the $420 strike (10% ITM). Total position size was $40 million. ADBE was about 10-15% off the recent highs and has bounced multiple times off the $470 level. IF this sell-off is truly over, we might see a good bounce in tech and some of these block purchases seem to be positioning for it.

C – Citigroup

Volume in C (Citigroup) has picked up recently. Down 25% from the highs the financial sector has been under-performing (due to interest rates among other factors). Banks usually kick off earnings season which will commence again mid-october. C reports October 12 as of right now. Looks like the bullish option flow is a combination of CALL-buying and PUT-selling.

CLDR – Cloudera

Some short-term bull-bets rolled thru CLDR last week. Possible base forming at the $10-$11 range and might see some movement to the upside on this call-buying. Pretty good volume of calls at the $12 strike expiring two weeks from now. Tech is looking for a much needed bounce, we’ll see how this turns out.

ORCL – Oracle Inc

Big-time PUT-selling in ORCL on Friday in some 2022 LEAPS. Players sold the $50 and $75 strike PUTS expecting ORCL to rise above in the next year + few months. ORCL has been trading in the $45-$55 range for as long as I can remember with not much growth in stock price. They’ve just recently broken out close to $60 range on the TikTok deal news. Will this be a catalyst to keep the stock moving up?

PBR – PetrĂ³leo Brasileiro

Brazil’s oil giant PBR, seeing some heavy bearish flow recently with some PUT-buying. The oil industry has been getting slaughtered since covid and these long-term bets (mid-2021) are expecting continued downward pressure for the stock.

WRTC – Wrap Technologies

An unusual ticker to see on option flow, WRTC (Wrap Technologies). Not much option flow runs through this name, so to see some heavy volume come through in call-buying caught some attention. Players purchased long-term (2022 expiration) LEAPS at a whole range of strikes in and out-the-money. One of the call blocks were bought for the $17.5 strike which is actually 150% OTM. This ticker is only $250 million in market cap, so quite unusual indeud.