Tuesday, October 27, 2026 · Evening brief
Big Bet: a trader collected $10.5M selling QQQ $690 puts
SPY +0.58%, QQQ +1.29%, IWM +1.16%. Flow was 12% bullish against a typical 51%.
01The 60-second version
- SPY +0.58% and QQQ +1.29%, leaving SPY 1.6% under its 52-week high. Technology led the sectors; Energy fell the most.
- INOD dropped 25.3% to $44.74. Its biggest options trade: a trader sold $50 puts, collecting $575K.
- 850 large trades; 12% of directional money was bullish, against a typical 51%.
- The Big Bet: a trader collected $10.5M selling QQQ $690 puts; the seller starts losing at $682.23, 5.4% below the close.
- Wednesday: retail Inventories at 8:30 a.m. ET; MSFT, GOOG and GOOGL report after the close.
02The close
How the market closed
SPY gained 0.58% to $769.66; QQQ gained 1.29% to $721.25; IWM gained 1.16% to $280.18. SPY is up 1.28% on the week. It closed 1.6% under its 52-week high.
5 of 11 sectors rose. Technology led (+1.69%) and Energy was weakest (−2.04%).
| Index | Close | Day | Week | Floor | Titan | Ceiling |
|---|---|---|---|---|---|---|
| SPYS&P 500 ETF | 769.66 | +0.58% | +1.28% | — | — | — |
| QQQNasdaq-100 ETF | 721.25 | +1.29% | +2.40% | — | — | — |
| IWMRussell 2000 ETF | 280.18 | +1.16% | +1.62% | — | — | — |
| SPXS&P 500 index | 7,722.60 | +0.60% | +1.30% | — | — | — |
| Sector and volatility | Close | Day | Week |
|---|---|---|---|
| XLKTop sector · Technology | 189.49 | +1.69% | +3.42% |
| XLEBottom sector · Energy | 68.21 | −2.04% | −1.61% |
| VIXVolatility index | 17.52 | −4.73% | −9.92% |
Floor and Ceiling are the nearest calm levels below and above the close that are big enough to matter; a dash means none qualified. The Titan is the biggest level on the map and is tagged when it is jumpy. Jumpy levels tend to let price run through them. Week is the change since the last close of the prior week. Reference points, not forecasts.
03Options flow
Where the money went
The Flow page showed 850 large trades; 575 had a clear direction, worth $5.71B. Bullish share was 12%, below the typical 51% (the median of the last 20 sessions on file).
Among single stocks, technology led with $253.4M of directional money, net bearish.
What stood out
The largest single trade was in SPX: sold 20,000 $7,000 calls expiring Sept. 17, 2027, a bearish print worth $2.36B, 47% of all bearish money. Without it the day was 21% bullish.
By sector
Net directional premium by sector (bullish minus bearish); bar length is the size of the net.
“Bought” means a trade printed at the ask and “sold” at the bid. We cannot see who is on the other side or why a trade was placed, so read these as activity, not as a call on direction.
04The Big Bet
The largest new options position of the session
$690 put sold · expires Nov. 20, 2026
Drawn to scale. Shading marks the side of the breakeven where the position pays at expiry; green pays, red does not.
At 10:33 a.m., a trader sold 13,500 Nov. 20 $690 puts at the bid, collecting $10.5M ($777 a contract). The seller starts losing below $682.23, 5.4% below the close. It looks like a new position rather than the closing of an old one.
QQQ closed at $721.25, having gained 1.29% on the day. The seller keeps the full $10.5M if it finishes above $690 at expiry and starts losing below $682.23, 5.4% below the close, with 3 weeks left.
05Money moves
The movers, and the biggest trade in each
INOD dropped 25.3% to $44.74, with $1.5M of visible options flow on the day.
The flow At 9:48 a.m., a trader sold 859 Nov. 20 $50 puts at the bid, collecting $575K ($669 a contract). The seller starts losing below $43.31, 3.2% below the close.
XYL dropped 14.3% to $92.86, with $1.2M of visible options flow on the day.
The flow At 11:35 a.m., a trader bought 199 Nov. 20 $105 puts at the ask, paying $201K ($1,008 a contract). It pays at expiry below $94.92, 2.2% above the close.
SOFI jumped 13.4% to $16.40, with $1.5M of visible options flow on the day.
The flow At 10:14 a.m., a trader bought 1,919 June 17, 2027 $20 calls at the ask, paying $294K ($153 a contract). It pays at expiry above $21.53, 31.3% above the close.
The three largest moves among names with at least $1.0M of visible options flow on the day. A trade next to a move is not a reason for it.
06Calendar
The next session
- Retail Inventories, 8:30 a.m. ET
- U.S. interest rate decision, 2:00 p.m. ET
- Earnings before the open: GEV (about 5.6%), SAN, APH
- Earnings after the close: MSFT (about 4.5%), GOOG (about 5.0%), GOOGL (about 5.0%), KLAC (about 6.9%), NOW (about 8.5%)
Percentages are the move the options market is pricing for the report, as a share of the stock price. Only events and numbers we have on file are listed.
07One thing to learn
A short lesson
Volume versus open interest
Open interest is the number of contracts already outstanding, volume is how many traded today. When a contract trades far more than its open interest, the trades are mostly new positions. That is the easiest way to tell fresh money from old money being closed out.
08Follow-up
The Big Bet ledger
Every Big Bet stays here until it expires, win or lose. Status compares the latest close with the breakeven.
| Bet | Breakeven | Latest close | Status |
|---|---|---|---|
| QQQOct 27 · $690 put sold | 682.23 | 721.25 | Working |
| METAOct 26 · $660 call sold | 680.62 | 620.19 | Working |
| NVDAOct 23 · $220 call sold | 227.03 | 217.94 | Working |
| SOXLOct 22 · $55 put bought | 28.80 | 101.08 | Under water |
| SKHYOct 21 · $130 call bought | 153.00 | 145.36 | Under water |
| METAOct 20 · $660 put bought | 628.60 | 620.19 | Working |
| KOOct 19 · $90 call sold | 94.74 | 91.18 | Working |
| UCTTOct 16 · $55 call bought | 59.70 | 51.48 | Under water |
| SPYOct 14 · $733 put sold | 728.48 | 769.66 | Working |
| WULFOct 13 · $13 call bought | 15.19 | 12.66 | Under water |
| GOOGOct 12 · $340 put sold | 326.94 | 316.83 | Under water |
| QQQOct 9 · $745 put sold | 724.37 | 721.25 | Under water |
| QQQOct 7 · $840 call sold | 868.92 | 721.25 | Working |
Positions, not advice.
Want to see these maps live as the session unfolds? Open Æther.