Arabic version: تداولات خيارات سبيس إكس تشير إلى الثقة في استقرار السهم

According to Cnbc, SpaceX passed a key market test Thursday as some sophisticated options traders shifted toward bullish positions focused on stock stabilization. By midday, $600 million in options premium had traded, including $316 million in puts. SpotGamma data indicated that about $166 million of the put activity was likely tied to put sales, a strategy reflecting expectations that the shares will hold above specified levels rather than necessarily surge.

Options activity had previously been dominated by purchases of out-of-the-money calls. Thursday’s volumes were broadly split between puts and calls, while two of the day’s largest dollar trades used bullish risk reversals: selling puts alongside buying calls. Shortly after the opening bell, a trader received a net $7.7 million by selling $12 million of 90-strike puts expiring in June next year and purchasing $4.3 million of 220-strike calls with the same expiration. The position effectively bets that SpaceX will not be down another 20% in ten months, while also allowing for a potential doubling of the stock.

A later trade used a similar structure, with $3.5 million of 75-strike puts expiring in January 2028 sold and the same number of 185-strike calls purchased for $5 million. That trade was completed at a debit because the calls cost more than the puts generated. The use of option-selling tactics in these positions suggested that bigger-money traders may see a potential bottom in the stock, following earlier call-buying that had been a contrarian indicator.

SpaceX shares made a new low Monday, a day before reporting earnings, but have mostly traded near $110 since July 23. Downside momentum has slowed, with the 14-day relative strength index bottoming late last month and implied volatility reaching its lowest level since June 30. Shares were also higher on the day the first insider lock-up period ended, an event that many had expected could bring fresh selling pressure.