Deep Dive into Today's Dark Pool and Option Flow; June 24, 2026
Executive Summary
MU dominates the session with over $130M in gross notional spanning puts sold, calls bought, risk reversals, and outright put buying - the most complex pre-earnings positioning this desk has seen in a single name in months. The bull side of MU is anchored by floor-executed put sales and spread structures that confirm institutional stock ownership; the bear side is real but smaller in notional and concentrated in near-term strikes below spot. NVDA sees three separate bullish structures totaling over $31M across Sep26, Jan27, and Dec28, with two floor-executed prints reinforcing directional conviction. On the macro side, a $15.2M GLD put buy (as a late opening trade) the 370 Sep26 strike sits directly against a $5.9M floor-executed put sale at the same strike and expiry - it looks like a clean split that makes GLD the session’s most contested name, however, as a late opening trade that larger trade could easily be bullish as well. Dark pool shows heavy broad-index and factor ETF selling alongside a massive META buy and outsized IYT accumulation, painting a rotation picture rather than outright risk-off.
