Daily Tape Analysis — 2026-08-27
The Story
Tech ripped higher: CRM +22.57%, MSTR +12.27%, NVDA +8.98%, AVGO +4.40%, ADBE +4.41%. Yesterday's bearish bets were wrong — QQQ, TSLA, CRM, and NVDA all rose — while the bullish bets (AVGO, SPY, INTC, TSLA, QQQ, NVDA) were right. The big shift is CRM: the post-earnings pop is now the most contested name on the tape, top bearish (score 67) and top bullish (score 58) simultaneously. Index put buying is heavy and defensive — SPY PCR_v 1.81, IWM 3.06, QQQ 1.09. Every sector flags "caution" except Energy and Materials.
Bearish Bets to Watch
IWM (score 72) — $15.8M puts across 14 contracts, 57x V/OI. The 286 Oct-16 put is the anchor: 24,892 contracts at 56.7x V/OI, $7.88M, +4.6% OTM. No TRO confirmation; spot +0.32% today, flat against yesterday's bearish bet.
CRM (score 67) — $16.2M puts across 28 contracts, 17 with V/OI > 20x. The 240 Sep-04 put printed 10,593 contracts at 5,296x V/OI ($2.32M), a fade bet on the +22.57% pop. No TRO; yesterday's bearish bet was wrong (+22.57%).
MSFT (score 57) — $7.1M puts across 16 contracts, 125x V/OI. The 495 Nov-20 put is $5.07M at 5.1x V/OI, +2.0% OTM. No TRO; spot +1.74% today.
QQQ (score 48) — $48.0M puts across 56 contracts, 242x V/OI. The 690 Sep-25 put is $7.40M at 14.3x V/OI, +4.1% OTM. No TRO; yesterday's bearish bet was wrong (+1.01%).
SPY (score 46) — $59.6M puts across 52 contracts, 189x V/OI. The 765 Sep-04 put is $14.32M at 9.0x V/OI, +0.8% OTM. No TRO; spot +0.58% today.
Bullish Bets to Watch
CRM (score 58) — $54.5M calls across 3 strikes, 659x V/OI, TRO confirmed. Call money is 3.4x the put money, betting the earnings move extends. Spot +22.57% today.
IWM (score 57) — $3.9M calls across 3 strikes, 90x V/OI, TRO confirmed. Bullish calls sit against the larger bearish put stack, a two-way small-cap bet. Spot +0.32% today.
QQQ (score 55) — $55.1M calls across 16 strikes, 67x V/OI. No TRO, but call notional ($55.1M) exceeds put notional ($48.0M). Spot +1.01% today.
CAT (score 53) — $6.4M calls across 22 contracts, 23x V/OI. The 790 Oct-16 call is $1.30M at 23.4x V/OI, -3.3% OTM. No TRO; spot -0.59% today, down 8.3% over the month.
AMZN (score 48) — $12.1M calls across 19 contracts, 41x V/OI. The 255 and 260 Sep-04 calls are $2.52M and $2.42M. No TRO; spot -1.56% today, yesterday's bullish bet was wrong.
The Oracle Read
The tape is split: heavy defensive index put buying (SPY, IWM, QQQ) against a strong tech rally that just proved the bears wrong. CRM is the battleground — fresh put money at 5,296x V/OI on the 240 strike versus $54.5M of confirmed call flow. NVDA carries both $70.5M puts and $251.6M calls, but the calls are TRO-confirmed and the spot is +8.98%, so the bull side leads.
Names to Watch at the Open
- CRM — contested; 240 put wall vs $54.5M call flow, watch 240 as the line.
- NVDA — $251.6M calls (TRO confirmed) vs $70.5M puts; spot +8.98%.
- IWM — defensive 286 Oct put ($7.88M) vs confirmed calls; 286 is the level.
- SPY — 765 put wall ($14.32M), defensive PCR 1.81.
- MSFT — 495 Nov put $5.07M, +2.0% OTM, no TRO.
| Sym | Sector | Notional | V/OI | Cluster | Clust$ | Strikes | Exp | Score | D | W | M | Confirmed |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| IWM | Index ETF | $15.8M | 57× | 3 | $12.5M | 281–286 | 2026-10-16 | 72 🔥 | ▼ | ▲ | ▲ | |
| CRM | Technology | $16.2M | 5296× | 2 | $9.7M | 240–245 | 2026-11-20 | 67 ⚠️ | ▲ | ▲ | ▲ | |
| MSFT | Technology | $7.1M | 125× | 5 | $6.1M | 490–500 | 2026-11-20 | 57 ⚠️ | ▲ | ▲ | ▲ | |
| QQQ | Index ETF | $48.0M | 242× | 13 | $26.9M | 715–729 | 2026-09-25 | 48 · | ▼ | ▲ | ▲ | |
| SPY | Index ETF | $59.6M | 189× | 11 | $36.8M | 765–780 | 2026-09-04 | 46 · | ▼ | ▲ | ▲ | |
| TSLA | Consumer Discretionary | $13.7M | 12× | 3 | $8.8M | 350–355 | 2026-09-04 | 46 · | ▲ | ▼ | ▲ | |
| NVDA | Technology | $70.5M | 1102× | 2 | $23.0M | 225–227.5 | 2026-09-04 | 43 · | ▲ | ▲ | ▲ | |
| AAPL | Technology | $2.6M | 22× | 2 | $1.6M | 307.5–312.5 | 2026-09-18 | 39 · | ▲ | ▲ | ▲ | |
| GS | Financials | $7.2M | 26× | 6 | $3.0M | 1060–1080 | 2026-11-20 | 38 · | ▼ | ▲ | ▲ | |
| ADBE | Technology | $4.0M | 65× | 3 | $1.5M | 285–290 | 2026-09-25 | 37 · | ▼ | ▲ | ▼ | |
| SO | Utilities | $0.5M | 514× | 2 | $0.5M | 89–90 | 2026-10-02 | 37 · | ▼ | ▼ | ▲ | ✅ TRO |
| MO | Consumer Staples | $0.3M | 27× | 2 | $0.3M | 69–70 | 2026-10-16 | 36 · | ▲ | ▲ | ▲ | |
| ORCL | Technology | $1.3M | 53× | 3 | $0.9M | 147–149 | 2026-09-18 | 35 · | ▲ | ▼ | ▼ | |
| ACN | Technology | $4.7M | 3× | 1 | $4.7M | 185 | 2026-10-16 | 32 · | ▼ | ▲ | ▼ | |
| META | Communication Services | $3.2M | 72× | 3 | $1.0M | 567.5–577.5 | 2026-09-04 | 31 · | ▲ | ▼ | ▼ |
| Sym | Sector | Notional | V/OI | Cluster | Clust$ | Strikes | Exp | Score | D | W | M | Confirmed |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CRM | Technology | $54.5M | 659× | 3 | $26.3M | 245–250 | 2026-09-11 | 58 ⚠️ | ▲ | ▲ | ▲ | ✅ TRO |
| IWM | Index ETF | $3.9M | 90× | 3 | $2.3M | 312–317 | 2026-10-02 | 57 ⚠️ | ▼ | ▲ | ▲ | |
| QQQ | Index ETF | $55.1M | 67× | 16 | $42.3M | 715–729 | 2026-09-04 | 55 ⚠️ | ▼ | ▲ | ▲ | |
| CAT | Industrials | $6.4M | 23× | 4 | $3.0M | 815–830 | 2026-10-16 | 53 ⚠️ | ▼ | ▼ | ▲ | |
| AMZN | Consumer Discretionary | $12.1M | 41× | 3 | $8.5M | 255–260 | 2026-09-04 | 48 · | ▼ | ▲ | ▲ | |
| SPY | Index ETF | $85.3M | 40× | 11 | $43.5M | 741–756 | 2026-09-04 | 47 · | ▼ | ▲ | ▲ | |
| AVGO | Technology | $32.3M | 31× | 3 | $20.8M | 365–370 | 2026-09-04 | 46 · | ▼ | ▼ | ▲ | |
| ORCL | Technology | $4.3M | 81× | 4 | $2.2M | 146–149 | 2026-09-04 | 46 · | ▲ | ▼ | ▼ | |
| AAPL | Technology | $18.5M | 59× | 3 | $10.8M | 310–315 | 2026-09-04 | 45 · | ▲ | ▲ | ▲ | ✅ TRO |
| LLY | Health Care | $4.5M | 23× | 5 | $2.7M | 1170–1190 | 2026-09-18 | 43 · | ▼ | ▲ | ▲ | |
| AMD | Technology | $7.7M | 13× | 4 | $4.2M | 477.5–485 | 2026-09-04 | 42 · | ▲ | ▲ | ▲ | ✅ TRO |
| MSFT | Technology | $19.4M | 25× | 5 | $9.7M | 502.5–512.5 | 2026-09-04 | 41 · | ▲ | ▲ | ▲ | ✅ TRO |
| AMGN | Health Care | $0.3M | 6× | 3 | $0.3M | 437.5–445 | 2026-09-04 | 41 · | ▼ | ▲ | ▲ | |
| WMT | Consumer Staples | $2.5M | 17× | 3 | $1.9M | 102–104 | 2026-09-04 | 40 · | ▲ | ▼ | ▲ | |
| TSLA | Consumer Discretionary | $49.2M | 66× | 3 | $20.4M | 350–355 | 2026-09-04 | 39 · | ▲ | ▼ | ▲ |
| Sector | Names | PCR_v | PCR_o | UnusualPut$ | UnusualVol | Signal |
|---|---|---|---|---|---|---|
| Technology | 15 | 0.35 | 0.54 | $113.2M | 241699 | 🟡 Caution |
| Health Care | 13 | 0.84 | 0.48 | $19.4M | 14438 | 🟡 Caution |
| Consumer Discretionary | 11 | 0.41 | 0.95 | $17.7M | 31491 | 🟡 Caution |
| Financials | 14 | 0.79 | 0.62 | $12.0M | 8964 | 🟡 Caution |
| Communication Services | 10 | 0.40 | 0.75 | $9.6M | 21631 | 🟡 Caution |
| Industrials | 11 | 0.64 | 0.79 | $6.4M | 4998 | 🟡 Caution |
| Consumer Staples | 9 | 0.54 | 0.77 | $3.9M | 6377 | 🟡 Caution |
| Utilities | 3 | 0.10 | 0.87 | $0.8M | 5977 | ⚪ Neutral |
| Energy | 3 | 0.77 | 0.52 | $0.4M | 940 | 🟢 Risk-On |
| Materials | 1 | 0.16 | 1.39 | $0.0M | 0 | 🟢 Risk-On |
| ETF | PCR_v | PCR_o | ||
|---|---|---|---|---|
| SPY | 1.81 | 1.50 | $59.6M | 🔴 Defensive |
| QQQ | 1.09 | 1.13 | $48.0M | 🟡 Caution |
| IWM | 3.06 | 2.21 | $15.8M | 🔴 Defensive |
| Sym | Strike | Exp | Vol | OI | Vol/OI | Notional | OTM% |
|---|---|---|---|---|---|---|---|
| NVDA | 235 | 2026-09-04 | 10086 | 149 | 67.7× | $9.2M | -3.0% |
| NVDA | 225 | 2026-11-20 | 5941 | 3086 | 1.9× | $8.5M | 1.4% |
| NVDA | 225 | 2026-09-04 | 15843 | 2214 | 7.2× | $5.4M | 1.4% |
| NVDA | 230 | 2026-09-04 | 9239 | 580 | 15.9× | $5.3M | -0.8% |
| MSFT | 495 | 2026-11-20 | 2178 | 428 | 5.1× | $5.1M | 2.0% |
| NVDA | 242.5 | 2026-09-04 | 3126 | 60 | 52.1× | $4.7M | -6.3% |
| ACN | 185 | 2026-10-16 | 3537 | 1067 | 3.3× | $4.7M | 1.3% |
| NVDA | 232.5 | 2026-09-04 | 6067 | 70 | 86.7× | $4.4M | -1.9% |
| CRM | 240 | 2026-11-20 | 2239 | 110 | 20.4× | $2.9M | 4.8% |
| TSLA | 355 | 2026-09-04 | 3250 | 578 | 5.6× | $2.7M | -0.1% |
| NVDA | 227.5 | 2026-09-04 | 5811 | 179 | 32.5× | $2.6M | 0.3% |
| GS | 1080 | 2026-11-20 | 294 | 93 | 3.2× | $2.5M | -3.8% |
| TSLA | 350 | 2026-09-04 | 3620 | 1069 | 3.4× | $2.2M | 1.3% |
| HD | 320 | 2026-10-16 | 1510 | 437 | 3.5× | $1.3M | 2.6% |
| TSLA | 345 | 2026-09-04 | 2994 | 1281 | 2.3× | $1.2M | 2.7% |
Total unusual put notional: $183.2M across 10 sectors. Sectors with 🔴 Defensive signal have BOTH high PCR (>1.2) AND >$2M of unusual put buying — institutions are actively hedging there. 🟢 Risk-On means call-heavy with no defensive flow — the safest put-selling ground.
How to read the Sector Tape
The sector tape aggregates the daily option chain by GICS sector. For each sector it computes the put/call ratio (PCR) and the total notional of unusual put prints (contracts where today's volume exceeds existing open interest by 50%+). The signal tells you where institutions are positioning defensively vs. where they're comfortable being long.
- PCR (put/call ratio) — put volume ÷ call volume (or OI). Above 1.0 = puts trade more than calls (defensive). Below 0.8 = call-heavy (risk-on). The OI version is more stable; the volume version is more reactive to today's flow.
- UnusualPut$ — total notional ($ = volume × mid × 100) of put contracts where volume > 1.5× open interest AND notional > $50K. This is the UnusualWhales signal: new positions opening rather than existing ones trading hands. Large values = someone is paying up for protection.
- Signal — derived from PCR + unusual notional. 🔴 Defensive (PCR > 1.2 AND > $2M unusual) = heavy hedging — be cautious selling puts there. 🟡 Caution = some defensive flow. 🟢 Risk-On (PCR < 0.9, < $500K unusual) = calmest put-selling ground. ⚪ Neutral = mixed.
How to use it with ChainScan
The sector tape is the weather report above the single-name scanner. A bull-put-spread TAKE verdict on a name in a 🟢 Risk-On sector is high confidence — the tape confirms nobody's hedging there. A TAKE verdict on a name in a 🔴 Defensive sector should be downgraded: institutions are actively buying puts at the strikes you'd be selling, so either skip the trade, go further OTM (0.15 delta instead of 0.20), or shorten DTE to get ahead of the hedging flow. The ETF block (SPY/QQQ/IWM) gives the macro read — if QQQ is 🔴 Defensive, every tech name on the ChainScan table carries extra risk.
The top-prints table
Shows the 15 largest unusual put prints across all sectors, sorted by notional. This is where you see the actual whale activity: which symbol, which strike, which expiration, and how much money is behind it. A single $50M put print could be one institution hedging a long book (not necessarily bearish) or a fresh directional bet. When you see clusters across multiple strikes and names in the same sector, the institutional interpretation gets stronger.
🎯 Smart Money — directional-bet detection (both sides)
Two tables surface institutional directional bets. 🐻 Bearish bets (unusual put activity): names where put buying looks like a coordinated bear bet. 🐂 Bullish bets (unusual call activity): names where call buying looks like a coordinated bull bet. The conviction score separates directional bets from dispersed hedging using three features: (1) V/OI breadth — fraction of notional in contracts with V/OI > 20×, discounted by sample size; (2) strike concentration — fraction of notional in the dominant strike cluster (within 2% of spot); (3) notional scale — saturates at $5M. Score ≥70 = strong directional bet, ≥50 = moderate, ≥30 = some clustering.
The TRO columns (D/W/M) show the trend on daily/weekly/monthly timeframes. ✅ TRO Confirmed: for bearish bets, daily AND weekly both ▼ (downtrend); for bullish bets, daily AND weekly both ▲ (uptrend). The highest-conviction signals are bets in the direction TRO already confirms. A high score with TRO NOT confirmed means the option market may be ahead of the trend indicator — an early warning.
Example (bearish): LLY on 2026-07-29 had $27.7M unusual puts, V/OI up to 284×, concentrated in 5 strikes within $20 of spot, placed at the top of a 5-day rally. TRO daily red since July 15. LLY fell 4% the next day. Example (bullish): AMD on 2026-07-29 had $28M unusual calls at the bottom of a 22% crash week ($543→$425). The calls were concentrated in Aug 7 expiry (through earnings Aug 4). AMD bounced +15% the next day on a Microsoft-led chip rebound and a $14B Core Scientific deal. Both sides of the tape are predictive.
Caveat: open interest lags one day (reported from the previous close). Volume can be driven by a single large order as easily as by distributed flow. Hedging is not the same as bearish — a put buyer may be insuring a long position, not speculating. Use the tape as a confirming colour on top of technical analysis, not as a standalone forecast.