Option Movers | SPCX Long Straddle Targets Convexity Amid $21.29M Net Bearish Flow; ORCL $1.61M Deep‑OTM Put Hedge Amid Slightly Positive Bullish Call Spread Signal
Market Overview
Wall Street ended lower on Tuesday (Aug 11), with Amazon and Alphabet dipping, as investors became more pessimistic about a potential deal to bring stability to the Middle East.
Regarding the options market, a total volume of 49,643,700 contracts was traded, of which 57% were call options.
Top 10 Option Volumes
Top 10: $NVDA(NVDA)$, $TSLA(TSLA)$, $SPCX(SPCX)$, $VIX(VIX)$, $AAPL(AAPL)$, $MU(MU)$, $AMZN(AMZN)$, $PLTR(PLTR)$, $INTC(INTC)$, $HTZ(HTZ)$
Source: Tiger Trade app
$SpaceX(SPCX)$ fell 3.93% in regular trading on Tuesday. SpaceX shares fell amid a shift in retail sentiment. Per Vanda Research, retail investors turned net sellers for the first time since its June IPO, offloading $4.5 mn on Aug 7. The post‑IPO lock‑up expired, unlocking over 911 mn shares and more than doubling the public float. Though the stock rallied 23% right after the unlock, rising share supply and retail selling weighed on price.
A $4.01 million net-debit CALL+PUT combination was one of the day’s standout trades, with 1,500 September 18, 2026 $145 puts bought alongside 1,500 September 18, 2026 $145 calls bought for a net debit of $4.01 million. This is effectively a long straddle structure, established through buying both downside and upside exposure at the same strike, signaling a volatility-driven directional bet rather than premium collection. With SPCX referenced at $133.29, the $145 put is in the money while the $145 call is out of the money, so the position appears designed to capture a large move over time in either direction, with the heavy upfront premium indicating the trader is paying materially for convexity and event-driven optionality. SPCX 20260918 145.0 PUT SPCX 20260918 145.0 CALL
Source: Tiger Trade app
Unusual Options Activity
$Oracle(ORCL)$ fell 3.69% in regular trading on Tuesday. S&P Global downgraded Oracle’s credit rating to BBB‑, one notch above junk status, citing weak free cash flow from heavy AI‑related capex and high customer concentration risk tied to OpenAI. Investor Michael Burry disclosed a short position, warning over rising off‑balance‑sheet leverage. Large bearish option flows signal institutional skepticism toward Oracle’s upside.
A PUT buy worth $1.61 million was the largest displayed single-leg trade, with a purchase of the September 25, 2026 $105.00 put. With ORCL referenced at $145.48, this strike sits out of the money, so the buyer is paying for downside exposure well below the current stock price. That structure points to a bearish stance, likely either a longer-dated hedge against a meaningful pullback or a speculative bet that ORCL could weaken substantially over time. ORCL 20260925 105.0 PUT
Source: Tiger Trade app
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Risks
Implied volatility typically contracts rapidly after earnings, a phenomenon commonly referred to as IV crush, which can significantly reduce the value of long option positions even if the stock moves in the anticipated direction. In addition, time decay accelerates as options approach expiration. Investors should carefully assess the risk profile of any options strategy before establishing positions.
Disclaimer: This analysis is based on publicly available market data and is provided for informational purposes only. It does not constitute investment advice. Options trading involves substantial risk, and investors may lose more than their initial investment.
$Palantir Technologies Inc.(PLTR)$ $Hertz Global Holdings, Inc.(HTZ)$ $SpaceX(SPCX)$ $Oracle(ORCL)$ $Direxion Daily PLTR Bear 1X Shares(PLTD)$ $Direxion Daily PLTR Bull 2X Shares(PLTU)$ $GraniteShares 2x Long PLTR Daily ETF(PTIR)$ $Defiance Daily Target 2X Short PLTR ETF(PLTZ)$ $YieldMax PLTR Option Income Strategy ETF(PLTY)$ $Roundhill PLTR WeeklyPay™ ETF(PLTW)$ $Leverage Shares 2X Long PLTR Daily ETF(PLTG)$ $ProShares Ultra PLTR ETF(PLTA)$ $GraniteShares YieldBOOST PLTR ETF(PLYY)$ $REX PLTR Growth & Income ETF(PLTI)$ $Leverage Shares 2x Capped Accelerated PLTR Monthly ETF(PLOO)$ $Leverage Shares 2X Long SPCX Daily ETF(SPCH)$ $Leverage Shares 2X Short SPCX Daily ETF(SSPC)$ $TRADR 2X SHRT SPACEX DAILY ETF(SPCG)$ $ProShares Ultra SpaceX(SPCF)$ $GraniteShares 2x Short SpaceX Daily ETF(SNK)$ $Direxion Daily SpaceX Bull 2X ETF(LOFF)$ $Defiance Daily Target 2X Long SpaceX ETF(SPCU)$ $Tradr 2X Long SpaceX Daily ETF(SPCM)$ $GraniteShares 2x Long SpaceX Daily ETF(SPAL)$ $T-REX 2X Long SpaceX Daily Target ETF(SPAX)$ $Defiance Daily Target 2X Short SpaceX ETF(SPCQ)$ $Direxion Daily SpaceX Bear 2X ETF(LOFD)$ $Leverage Shares 100% TSLA and 100% SPCX Daily ETF(ELOL)$ $Defiance Daily Target 2X Long ORCL ETF(ORCX)$ $Direxion Daily ORCL Bull 2X ETF(ORCU)$ $Direxion Daily ORCL Bear 1X ETF(ORCS)$Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
