Deep Dive into Today's Dark Pool and Option Flow; June 23, 2026
Executive Summary
Today’s tape was dominated by a massive semi complex options restructuring around SMH and MU, with over $150M in notional deployed across the semiconductor space in a single session. The SMH flow is structurally mixed but leans net-long, with floor-executed put spreads on both sides of the August expiry creating a defined-range positioning rather than a clean directional bet. MU is the standout single name, attracting over $80M in options premium across multiple expiries with aggressive call buying stacked from June 26th through December 2028, cross-signaled by a $553M dark pool buy of 522K shares. SPCX saw the largest single notional print of the day, a $50.6M put sale at the 155 August strike, while a separate $9M put purchase at 150 June 2027 creates an unusual split view on the name. CBRS printed two floor-executed bull call spreads totaling $17.4M ahead of earnings, one of the cleaner pre-event directional setups in today’s data.
