Bears continued to build positions against the semiconductor group on Friday, with over 180,000 puts trading in SMH versus only 50,000 calls, totaling $46 million in premium versus $26 million. The put/call ratio on SMH climbed to 1.95, the highest since the second week of August. In Nvidia, a trade of 100,000 puts at the 180 strike expiring in January was recorded for $21 million, the biggest of the day, suggesting a bearish position that would require a 22% drop in the stock to be profitable. In Micron, approximately $270 million in premium was tied to put-buying, while the stock traded around $1,030 as part of a bearish spread representing a synthetic short with a delta near -1.
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