The Option Block 1510: Cool Kids and Crazy Call Spreads
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The Option Block 1510: Cool Kids and Crazy Call Spreads
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A massive semiconductor call spread runs into a tech selloff—and the timing gets painful fast. On this episode, Mark Longo, Mike Tosaw and Henry Schwartz break down a $12.1 million bullish position in SMH, unusual options activity in Toast, and the market's latest reaction to Meta and Tesla earnings.
Henry takes listeners inside the 55,000-lot SMH call spread, explaining its structure, defined risk and sharp decline in value. He also examines heavy call selling in Toast (TOST), including unusual market maker activity and in-the-money opening trades.
Plus, the panel explores:
• Premarket options trading: early volume trends, wider bid-ask spreads and execution challenges.
• Mike's Meta collar adjustments and his reasoning for buying back short calls.
• Active options trading in Nvidia, Apple, CoreWeave, Tesla and other leading names.
• VIX activity, sector rotation and options pricing around the upcoming midterm elections.
Mark also spotlights A Leg To Stand On (ALTSO), the charity helping children with limb disabilities—and the "cool kids" behind this episode's title.