What Nvidia Options Showed Me This Morning

March 11, 2024

The S&P 500 was falling in the pre-market… and it stayed that way on heavier volume. The Magnificent Seven were all over the place but were largely dragging the NASDAQ lower. 

More interesting, we saw volatility swing back up today - we’ve talked about how that’s been “quiet, a little too quiet” over the past few weeks. The VIX “fear gauge” had jumped more than 4% by lunchtime.

The most important thing I saw was the market for calls and puts on Nvidia. NVDA options are responsible for a lot of what we’re seeing in stocks right now. Specifically, I was looking for the number of puts traded at the ask or above. 

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