Daily Tape Analysis — 2026-09-11
The Story
The market rallied broadly (SPY +0.84%, QQQ +0.85%, AAPL +1.99%, AMD +2.44%) but the tape stayed defensive: $71.5M in unusual puts and elevated index PCRs (SPY 1.39, QQQ 1.72, IWM 2.95). Yesterday's bullish bets paid off — GS, BLK, META, TSLA, QQQ, AMD, and AAPL all rose — while yesterday's bearish bets mostly failed. The one big shift is ORCL, down 8.36% to $150.09, with put buyers hitting the 155 strike at 107x V/OI. Small caps are the heaviest hedge target: $38.3M in IWM puts at 182x V/OI.
Bearish Bets to Watch
IWM (score 59) — $38.3M puts across 29 contracts, 182x V/OI. Key print: 277 Oct-16 put, $18.5M at 4.3x V/OI, 4.2% OTM. No TRO confirmation; yesterday's IWM put bet was flat (+0.44%).
ORCL (score 58) — post-earnings fade, fell 8.36% to $150.09. $3.0M puts, with the 155 Oct-30 strike at 107x V/OI ($1.77M). No TRO confirmation; yesterday's bearish bet was right.
QQQ (score 56) — $53.0M puts across 57 contracts, 138x V/OI. Key print: 690 Oct-2 put, $10.0M at 26.7x V/OI, 3.5% OTM. No TRO confirmation; yesterday's QQQ put bet was wrong (+0.85%).
TSLA (score 52) — $5.6M puts, 45x V/OI. Key print: 365 Sep-25 put, $2.37M at 2.4x V/OI, at-the-money. No TRO confirmation; yesterday's TSLA put bet was wrong (+0.50%).
AAPL (score 46) — $22.2M puts, 445x V/OI. Key print: 330 Oct-16 put, $3.9M at 1.6x V/OI, 0.8% OTM. No TRO confirmation; yesterday's AAPL put bet was wrong (+1.99%).
Bullish Bets to Watch
GS (score 65) — $5.2M calls, 56x V/OI. Key print: 925 Sep-25 call, $1.86M at 44x V/OI, 10.1% in-the-money. No TRO confirmation; yesterday's GS call bet was right (+0.90%).
IWM (score 60) — $17.2M calls, 545x V/OI. Key print: 278 Sep-21 call, $3.2M at 545x V/OI. No TRO confirmation; yesterday's IWM call bet was flat.
META (score 49) — $11.9M calls, 52x V/OI. Key print: 660 Sep-25 call, $7.0M at 4.6x V/OI, 1.9% OTM. No TRO confirmation; yesterday's META call bet was right (+0.63%).
TSLA (score 44) — $17.5M calls, 81x V/OI. Key print: 370 Sep-25 call, $4.7M at 1.9x V/OI, 1.2% OTM. No TRO confirmation; yesterday's TSLA call bet was right (+0.50%).
AMD (score 40) — $8.6M calls, 68x V/OI, TRO confirmed. Key print: 515 Oct-9 call, $2.5M at 7.7x V/OI. Yesterday's AMD call bet was right (+2.44%).
The Oracle Read
The tape is defensive at the index level — heavy SPY/QQQ/IWM put flow and elevated PCRs — while single-name call flow keeps winning. Strongest setups are ORCL put continuation after the 8.36% drop (107x V/OI) and GS calls (score 65, validated yesterday). IWM is the battleground: the largest put flow ($38.3M) and largest call flow ($17.2M) sit on the same name.
Names to Watch at the Open
- ORCL — down, watch $150; 155 put wall at 107x V/OI.
- IWM — two-sided; 277 put vs 278 call, watch $289.
- GS — long, $925/$965 Sep-25 calls, watch $1029.
- META — long, 660 Sep-25 call, watch $648.
- TSLA — two-sided, 365/370 Sep-25, watch $365.
| Sym | Sector | Notional | V/OI | Cluster | Clust$ | Strikes | Exp | Score | D | W | M | Confirmed |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| IWM | Index ETF | $38.3M | 182× | 6 | $30.4M | 276–281 | 2026-10-16 | 59 ⚠️ | ▼ | ▲ | ▲ | |
| ORCL | Technology | $3.0M | 107× | 2 | $2.4M | 152.5–155 | 2026-10-30 | 58 ⚠️ | ▲ | ▼ | ▼ | |
| QQQ | Index ETF | $53.0M | 138× | 12 | $27.7M | 713–727 | 2026-10-02 | 56 ⚠️ | ▼ | ▲ | ▲ | |
| TSLA | Consumer Discretionary | $5.6M | 45× | 3 | $4.3M | 362.5–367.5 | 2026-09-25 | 52 ⚠️ | ▲ | ▼ | ▲ | |
| AVGO | Technology | $1.5M | 170× | 2 | $1.1M | 400–405 | 2026-09-21 | 48 · | ▼ | ▼ | ▲ | ✅ TRO |
| AAPL | Technology | $22.2M | 445× | 3 | $11.9M | 330–335 | 2026-10-16 | 46 · | ▲ | ▲ | ▲ | |
| META | Communication Services | $7.1M | 26× | 5 | $3.9M | 640–652.5 | 2026-10-16 | 42 · | ▲ | ▼ | ▼ | |
| SPY | Index ETF | $67.1M | 146× | 14 | $29.8M | 752–767 | 2026-10-16 | 40 · | ▼ | ▲ | ▲ | |
| INTC | Technology | $0.6M | 125× | 3 | $0.3M | 99–101 | 2026-10-30 | 31 · | ▲ | ▼ | ▲ | |
| GS | Financials | $4.8M | 32× | 2 | $1.7M | 1020–1040 | 2026-10-23 | 29 | ▼ | ▲ | ▲ | |
| NFLX | Communication Services | $0.4M | 151× | 2 | $0.3M | 87–88 | 2026-09-25 | 29 | ▼ | ▲ | ▼ | |
| AMD | Technology | $3.0M | 91× | 4 | $1.1M | 512.5–520 | 2026-10-02 | 29 | ▲ | ▲ | ▲ | |
| AMZN | Consumer Discretionary | $0.7M | 23× | 2 | $0.5M | 255–257.5 | 2026-09-21 | 28 | ▼ | ▲ | ▲ | |
| DE | Industrials | $0.1M | 2× | 2 | $0.1M | 720–730 | 2026-10-09 | 27 | ▲ | ▲ | ▲ | |
| NVDA | Technology | $3.7M | 68× | 2 | $1.1M | 222.5–225 | 2026-09-25 | 26 | ▲ | ▲ | ▲ |
| Sym | Sector | Notional | V/OI | Cluster | Clust$ | Strikes | Exp | Score | D | W | M | Confirmed |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GS | Financials | $5.2M | 56× | 4 | $2.2M | 905–925 | 2026-09-25 | 65 ⚠️ | ▼ | ▲ | ▲ | |
| IWM | Index ETF | $17.2M | 545× | 7 | $9.3M | 275–280 | 2026-09-21 | 60 ⚠️ | ▼ | ▲ | ▲ | |
| QQQ | Index ETF | $13.3M | 335× | 11 | $9.4M | 710–723 | 2026-10-02 | 51 ⚠️ | ▼ | ▲ | ▲ | |
| AVGO | Technology | $3.3M | 782× | 3 | $2.0M | 362.5–367.5 | 2026-09-21 | 49 · | ▼ | ▼ | ▲ | |
| META | Communication Services | $11.9M | 52× | 5 | $8.5M | 652.5–665 | 2026-09-25 | 49 · | ▲ | ▼ | ▼ | |
| TSLA | Consumer Discretionary | $17.5M | 81× | 3 | $10.2M | 365–370 | 2026-09-25 | 44 · | ▲ | ▼ | ▲ | |
| AMD | Technology | $8.6M | 68× | 5 | $3.6M | 505–515 | 2026-10-09 | 40 · | ▲ | ▲ | ▲ | ✅ TRO |
| AAPL | Technology | $8.6M | 99× | 3 | $2.2M | 332.5–337.5 | 2026-10-02 | 37 · | ▲ | ▲ | ▲ | ✅ TRO |
| AMZN | Consumer Discretionary | $1.3M | 11× | 3 | $1.0M | 255–260 | 2026-10-30 | 36 · | ▼ | ▲ | ▲ | |
| UNH | Health Care | $1.7M | 65× | 2 | $0.9M | 380–385 | 2026-09-25 | 35 · | ▼ | ▼ | ▲ | |
| SPY | Index ETF | $31.0M | 140× | 8 | $9.0M | 700–715 | 2026-10-16 | 33 · | ▼ | ▲ | ▲ | |
| SCHW | Financials | $0.2M | 44× | 2 | $0.2M | 109–110 | 2026-10-09 | 32 · | ▼ | ▲ | ▲ | |
| ORCL | Technology | $11.1M | 15× | 2 | $4.6M | 157.5–160 | 2026-10-02 | 31 · | ▲ | ▼ | ▼ | |
| NVDA | Technology | $7.0M | 25× | 2 | $1.9M | 227.5–230 | 2026-10-30 | 30 · | ▲ | ▲ | ▲ | ✅ TRO |
| GOOGL | Communication Services | $3.9M | 30× | 2 | $1.6M | 290–295 | 2026-09-25 | 29 | ▼ | ▼ | ▲ |
| Sector | Names | PCR_v | PCR_o | UnusualPut$ | UnusualVol | Signal |
|---|---|---|---|---|---|---|
| Technology | 15 | 0.53 | 0.57 | $38.3M | 58620 | 🟡 Caution |
| Communication Services | 10 | 0.38 | 0.63 | $9.6M | 5413 | 🟡 Caution |
| Consumer Discretionary | 11 | 0.53 | 0.87 | $6.8M | 10630 | 🟡 Caution |
| Financials | 14 | 0.68 | 0.77 | $6.1M | 1711 | 🟡 Caution |
| Health Care | 13 | 0.70 | 0.69 | $4.7M | 4179 | 🟡 Caution |
| Consumer Staples | 9 | 0.48 | 0.63 | $2.4M | 3065 | 🟡 Caution |
| Industrials | 11 | 0.29 | 1.05 | $2.0M | 413 | 🟡 Caution |
| Energy | 3 | 0.81 | 0.36 | $1.0M | 1569 | ⚪ Neutral |
| Utilities | 3 | 1.65 | 0.82 | $0.6M | 7267 | 🟡 Caution |
| Materials | 1 | 0.13 | 1.35 | $0.0M | 0 | 🟢 Risk-On |
| ETF | PCR_v | PCR_o | ||
|---|---|---|---|---|
| SPY | 1.39 | 1.59 | $67.1M | 🔴 Defensive |
| QQQ | 1.72 | 1.73 | $53.0M | 🔴 Defensive |
| IWM | 2.95 | 2.47 | $38.3M | 🔴 Defensive |
| Sym | Strike | Exp | Vol | OI | Vol/OI | Notional | OTM% |
|---|---|---|---|---|---|---|---|
| AAPL | 330 | 2026-10-16 | 4664 | 2944 | 1.6× | $3.9M | 0.8% |
| AAPL | 340 | 2026-10-16 | 2653 | 731 | 3.6× | $3.6M | -2.2% |
| META | 640 | 2026-10-16 | 1018 | 555 | 1.8× | $2.5M | 1.2% |
| TSLA | 365 | 2026-09-25 | 2307 | 945 | 2.4× | $2.4M | 0.1% |
| WMT | 115 | 2026-09-25 | 3000 | 675 | 4.4× | $2.2M | -7.4% |
| AAPL | 335 | 2026-10-16 | 1796 | 1189 | 1.5× | $1.9M | -0.7% |
| ORCL | 155 | 2026-10-30 | 1285 | 12 | 107.1× | $1.8M | -3.3% |
| AAPL | 330 | 2026-09-25 | 2968 | 227 | 13.1× | $1.4M | 0.8% |
| AAPL | 335 | 2026-09-25 | 1789 | 89 | 20.1× | $1.3M | -0.7% |
| AAPL | 360 | 2026-11-20 | 404 | 126 | 3.2× | $1.3M | -8.3% |
| AAPL | 320 | 2026-09-25 | 6692 | 4096 | 1.6× | $1.2M | 3.8% |
| AAPL | 320 | 2026-10-23 | 1967 | 261 | 7.5× | $1.1M | 3.8% |
| GS | 1040 | 2026-10-23 | 190 | 21 | 9.0× | $0.9M | -1.1% |
| ADBE | 245 | 2026-11-20 | 628 | 159 | 3.9× | $0.8M | 2.9% |
| GS | 1020 | 2026-10-23 | 184 | 13 | 14.2× | $0.7M | 0.9% |
Total unusual put notional: $71.5M 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.