Dodeka-Stupid on NVDA

Here’s a note that Trade Alert put out tonight:

Market Color NVDA – Interesting 12-leg Nvidia put spread minutes before the close totals nearly quarter-billion dollars premium. Over 31K deep puts traded in NVDA at 3:53PM ET today in an odd spread that involved 12 deep-in-the-money puts expiring Jan 18th. Stock was $136.22 at the time, and the package consisted of offer-side blocks in the 200 to 260 strike puts, priced from $64 to $124. Weirdly, size of each block is very near the open-interest of each contract and the price on each block was a whole dollar figure, 22c over parity, with total premium just under $244M. If the package was a buyer of all legs, the delta is nearly 2.4M shares, or 9% the adv of the stock. With negative AAPL headlines out after the close, NVDA shares are down nearly $4 to $132 which could be a gain near $9M if the spread was a dodeka-stupid.

NVDA