Daily Tape Analysis — 2026-09-10
The Story
Broad risk-off: SPY -0.58% to 757.87, QQQ -1.02% to 708.95, IWM -0.99% to 287.83, with semis leading down (INTC -5.42%, AMD -3.33%, NVDA -2.41%). Yesterday's bearish conviction bets paid off — 7 of 10 fell (QQQ, META, IWM, SPY, TSLA, INTC, SBUX) — while bullish bets mostly failed (GS, BLK, AMD, ADBE, INTC all down). Today's shift is defensive: total unusual put notional hit $241.6M, SPY alone $196.0M at PCR_v 2.49, and all three index ETFs flagged defensive. Consumer Discretionary carries the heaviest single-stock put load at $106.7M, driven by TSLA ($48.1M) and MCD ($47.2M). AAPL is the lone divergence: +3.38% on $130.6M of TRO-confirmed call flow, though fresh 325 puts suggest the pop is being faded.
Bearish Bets to Watch
AMGN (score 60) — $10.7M puts across 4 strikes, all 9/18, 430-438 range, 12-14% in the money. Spot $382.33, down -2.20% today and -13.9% from the 9/3 high of 443.94. No TRO confirmation; the cluster is the signal, not V/OI (max 3x).
IWM (score 58) — $71.8M puts across 34 contracts, 3 with V/OI > 20x. The 283 strike 10/2 is the key: 67,409 contracts at 27.2x V/OI, $27.7M, 1.7% OTM. Spot $287.83, -0.99% today; PCR_v 4.17 is the most defensive of the three index ETFs.
TSLA (score 55) — $48.1M puts across 26 contracts, led by the 370 10/16 at $19.9M (3.4x, 1.7% ITM). Spot $363.65, -1.15%; yesterday's TSLA bearish bet was right. Two-sided: $28.1M of call flow (score 48) sits against it, so this is a range fight, not a clean short.
MCD (score 43, TRO ✅) — $47.2M puts on 2 strikes, 285 and 290, both 9/18 and 12-15% in the money. Spot $253.04, -0.20% today and -4.57% over 37 days. TRO confirmation makes this the cleanest bearish signal on the board.
SPY (score 50) — $196.0M puts across 57 contracts, PCR_v 2.49. The 750 9/18 is the anchor: $72.5M at 2.5x, 1.0% OTM, plus 745/730 Nov puts ($25.3M/$22.2M) and 722 10/16 at 20.6x. Spot $757.87, -0.58% today.
Bullish Bets to Watch
GS (score 81) — $40.1M calls, all deep ITM: 880 9/18 $26.2M at 1845x, 870 9/18 $7.35M at 245x, 895 9/18 $4.42M at 350x. Spot $1019.68, -0.92% today, and yesterday's GS bullish bet was wrong. No TRO confirmation; the 1845x V/OI has persisted since 9/2.
BLK (score 70) — $19.5M calls, 950 9/18 $13.8M at 400x and 1000 9/18 $3.95M at 602x, both ITM. Spot $1062.26, -0.95% today; yesterday's BLK bullish bet was wrong. Five of 8 contracts show V/OI > 20x.
UNP (score 55) — $9.4M calls, 260 9/18 $9.35M at 901x, 9% ITM. Spot $285.73, +0.34% today; yesterday's UNP bet was flat. The 901x V/OI has held for 8 straight sessions (9/2-9/10) — persistent, not a one-day print.
META (score 52) — $47.7M calls, 710 10/16 $11.0M, 650 10/2 $9.45M, 655 10/2 $8.12M at 30.8x. Spot $643.92, -1.12% today; yesterday's META bearish bet was right. $16.4M of puts (score 44) sit on the other side — two-sided tape.
AAPL (score 42, TRO ✅) — $130.6M calls, 340 10/16 $62.0M at 7.4x, plus 320 9/21 and 9/25 ($9.7M/$9.4M). Spot $326.07, +3.38% today; yesterday's AAPL bullish bet was right. But $13.1M of puts at 325 9/18 (score 52) fade the pop.
The Oracle Read
Index tape is defensive across SPY, QQQ, and IWM — put-heavy PCR and $353.8M combined unusual put notional argue for capped upside or continued drift lower near term. The cleanest directional setups are MCD (TRO-confirmed $47.2M put cluster) on the short side and GS/BLK deep-ITM call blocks (1845x/602x) on the long side, though both financials failed yesterday and need a bounce to validate. AAPL is the tell: TRO-confirmed call flow and +3.38% spot against fresh 325 puts — if it holds 325, the tape's risk-off read softens.
Names to Watch at the Open
- SPY — downside — 750 (9/18) is the line; $72.5M puts there, PCR_v 2.49.
- MCD — downside — 285/290 puts, TRO confirmed, $47.2M.
- AAPL — upside, fading — 340 calls vs 325 puts; +3.38% pop.
- GS — bounce watch — 880/870 ITM calls at 1845x/245x.
- IWM — downside — 283 10/2 puts at 27.2x, $27.7M.
| Sym | Sector | Notional | V/OI | Cluster | Clust$ | Strikes | Exp | Score | D | W | M | Confirmed |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| AMGN | Health Care | $10.7M | 3× | 4 | $10.7M | 430–437.5 | 2026-09-18 | 60 ⚠️ | ▼ | ▲ | ▲ | |
| IWM | Index ETF | $71.8M | 225× | 6 | $39.9M | 283–288 | 2026-10-02 | 58 ⚠️ | ▼ | ▲ | ▲ | |
| TSLA | Consumer Discretionary | $48.1M | 17× | 3 | $41.9M | 365–370 | 2026-10-16 | 55 ⚠️ | ▲ | ▼ | ▲ | |
| AAPL | Technology | $13.1M | 59× | 3 | $10.2M | 320–325 | 2026-09-18 | 52 ⚠️ | ▲ | ▲ | ▲ | |
| SPY | Index ETF | $196.0M | 46× | 13 | $128.8M | 745–760 | 2026-09-18 | 50 ⚠️ | ▼ | ▲ | ▲ | |
| META | Communication Services | $16.4M | 70× | 3 | $8.1M | 645–655 | 2026-09-18 | 44 · | ▲ | ▼ | ▼ | |
| MCD | Consumer Discretionary | $47.2M | 12× | 2 | $40.6M | 285–290 | 2026-09-18 | 43 · | ▼ | ▼ | ▼ | ✅ TRO |
| QQQ | Index ETF | $86.0M | 847× | 4 | $44.3M | 744–750 | 2026-09-18 | 43 · | ▼ | ▲ | ▲ | |
| GS | Financials | $6.5M | 28× | 5 | $3.0M | 955–975 | 2026-11-20 | 40 · | ▼ | ▲ | ▲ | |
| HD | Consumer Discretionary | $8.6M | 6× | 2 | $5.7M | 345–350 | 2026-09-18 | 38 · | ▼ | ▼ | ▼ | ✅ TRO |
| COST | Consumer Staples | $8.6M | 5× | 3 | $3.4M | 905–920 | 2026-09-18 | 36 · | ▼ | ▼ | ▲ | ✅ TRO |
| AMD | Technology | $6.9M | 70× | 3 | $2.5M | 495–505 | 2026-09-18 | 35 · | ▲ | ▲ | ▲ | |
| NVDA | Technology | $10.0M | 53× | 2 | $5.1M | 215–217.5 | 2026-09-18 | 35 · | ▲ | ▲ | ▲ | |
| BA | Industrials | $15.1M | 158× | 1 | $13.6M | 235 | 2026-09-18 | 34 · | ▼ | ▲ | ▲ | |
| WMT | Consumer Staples | $10.8M | 3× | 1 | $10.8M | 120 | 2026-09-18 | 33 · | ▲ | ▼ | ▲ |
| Sym | Sector | Notional | V/OI | Cluster | Clust$ | Strikes | Exp | Score | D | W | M | Confirmed |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GS | Financials | $39.8M | 1845× | 2 | $33.7M | 870–880 | 2026-09-18 | 81 🚀 | ▼ | ▲ | ▲ | |
| BLK | Financials | $19.5M | 602× | 2 | $14.1M | 950–960 | 2026-09-18 | 70 🚀 | ▼ | ▲ | ▲ | |
| UNP | Industrials | $9.4M | 901× | 2 | $9.4M | 260–265 | 2026-09-18 | 55 ⚠️ | ▼ | ▲ | ▲ | |
| SPY | Index ETF | $72.1M | 2106× | 12 | $39.8M | 752–766 | 2026-09-21 | 54 ⚠️ | ▼ | ▲ | ▲ | |
| META | Communication Services | $47.7M | 227× | 3 | $28.3M | 645–655 | 2026-10-16 | 52 ⚠️ | ▲ | ▼ | ▼ | |
| IWM | Index ETF | $22.3M | 1142× | 6 | $13.9M | 288–293 | 2026-09-18 | 50 ⚠️ | ▼ | ▲ | ▲ | |
| TSLA | Consumer Discretionary | $28.1M | 100× | 3 | $16.2M | 367.5–372.5 | 2026-09-18 | 48 · | ▲ | ▼ | ▲ | |
| QQQ | Index ETF | $12.2M | 430× | 10 | $6.5M | 709–723 | 2026-09-30 | 46 · | ▼ | ▲ | ▲ | |
| AMD | Technology | $6.3M | 21× | 3 | $3.4M | 505–515 | 2026-10-02 | 44 · | ▲ | ▲ | ▲ | ✅ TRO |
| AAPL | Technology | $130.6M | 154× | 3 | $65.0M | 335–340 | 2026-10-16 | 42 · | ▲ | ▲ | ▲ | ✅ TRO |
| NVDA | Technology | $28.2M | 72× | 2 | $19.5M | 220–222.5 | 2026-09-18 | 42 · | ▲ | ▲ | ▲ | ✅ TRO |
| INTC | Technology | $5.7M | 15× | 3 | $3.0M | 101–103 | 2026-09-18 | 41 · | ▲ | ▼ | ▲ | |
| GOOGL | Communication Services | $21.5M | 48× | 2 | $5.9M | 350–355 | 2026-10-02 | 40 · | ▼ | ▼ | ▲ | |
| AXP | Financials | $1.3M | 28× | 2 | $1.1M | 325–330 | 2026-09-18 | 38 · | ▼ | ▼ | ▲ | |
| NEE | Utilities | $9.8M | 2401× | 1 | $9.8M | 75 | 2026-09-18 | 37 · | ▼ | ▼ | ▲ |
| Sector | Names | PCR_v | PCR_o | UnusualPut$ | UnusualVol | Signal |
|---|---|---|---|---|---|---|
| Consumer Discretionary | 11 | 0.87 | 1.02 | $106.7M | 63804 | 🟡 Caution |
| Technology | 15 | 0.43 | 0.58 | $43.5M | 84773 | 🟡 Caution |
| Consumer Staples | 9 | 0.53 | 0.74 | $24.4M | 13640 | 🟡 Caution |
| Communication Services | 10 | 0.44 | 0.76 | $20.7M | 20773 | 🟡 Caution |
| Industrials | 11 | 0.81 | 1.05 | $17.4M | 6569 | 🟡 Caution |
| Health Care | 13 | 0.91 | 0.56 | $16.4M | 8930 | 🟡 Caution |
| Financials | 14 | 0.67 | 0.69 | $9.2M | 3481 | 🟡 Caution |
| Utilities | 3 | 0.59 | 1.05 | $2.8M | 5948 | 🟡 Caution |
| Energy | 3 | 0.55 | 0.32 | $0.5M | 2159 | 🟢 Risk-On |
| Materials | 1 | 0.14 | 1.42 | $0.0M | 0 | 🟢 Risk-On |
| ETF | PCR_v | PCR_o | ||
|---|---|---|---|---|
| SPY | 2.49 | 1.70 | $196.0M | 🔴 Defensive |
| QQQ | 1.95 | 1.45 | $86.0M | 🔴 Defensive |
| IWM | 4.17 | 2.27 | $71.8M | 🔴 Defensive |
| Sym | Strike | Exp | Vol | OI | Vol/OI | Notional | OTM% |
|---|---|---|---|---|---|---|---|
| MCD | 285 | 2026-09-18 | 7181 | 943 | 7.6× | $23.1M | -12.6% |
| TSLA | 370 | 2026-10-16 | 9273 | 2702 | 3.4× | $19.9M | -1.7% |
| MCD | 290 | 2026-09-18 | 4710 | 567 | 8.3× | $17.5M | -14.6% |
| BA | 235 | 2026-09-18 | 4541 | 2771 | 1.6× | $13.6M | -14.7% |
| WMT | 120 | 2026-09-18 | 8205 | 2631 | 3.1× | $10.8M | -13.5% |
| TSLA | 365 | 2026-10-16 | 4752 | 1879 | 2.5× | $8.9M | -0.4% |
| AMGN | 430 | 2026-09-18 | 1704 | 857 | 2.0× | $8.1M | -12.5% |
| TSLA | 365 | 2026-09-18 | 8002 | 3464 | 2.3× | $7.4M | -0.4% |
| MCD | 280 | 2026-09-18 | 2430 | 510 | 4.8× | $6.5M | -10.7% |
| HD | 350 | 2026-09-18 | 1004 | 165 | 6.1× | $4.5M | -14.5% |
| AAPL | 325 | 2026-09-18 | 9545 | 3867 | 2.5× | $4.2M | 0.3% |
| NVDA | 217.5 | 2026-09-18 | 6583 | 4217 | 1.6× | $2.6M | 0.4% |
| NVDA | 237.5 | 2026-09-18 | 1288 | 501 | 2.6× | $2.5M | -8.8% |
| COST | 1000 | 2026-09-18 | 258 | 70 | 3.7× | $2.5M | -10.8% |
| TSLA | 367.5 | 2026-09-18 | 2223 | 733 | 3.0× | $2.4M | -1.1% |
Total unusual put notional: $241.6M 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.