Second straight green day. Markets extended Tuesday's massive rally with a quieter follow-through. Nike cratered 13% on weak guidance — the Dow's biggest drag. VIX dropped below 25 for the first time in nearly three weeks.

$55.3M total premium scanned across 67 tickers and 250 fills — the highest premium scan since Issue #13.

Sentiment: 66.8% bearish / 33.2% bullish — a sharp reversal from yesterday's 80% bullish reading.

Put/Call ratio: 2.01:1 (up from 0.25:1 yesterday)

Sector breakdown: Consumer Cyclical dominated at $26.3M (47.6%) — almost entirely driven by one position. Technology followed at $17.9M (32.3%).

The market went up. The flow went bearish. This is the kind of day AhamFlow was built for — the price action says one thing, the positioning says another. When the tape and the flow diverge, the flow is usually leading.

A single fill. $16.2 million. 4,000 contracts of the $250 April 17 put on Amazon. 100% bearish.

This is now the largest single-position fill AhamFlow has ever tracked, surpassing PLTR's $89M put from Issue #18 in premium density (one fill versus multiple) and ZIM's $70.8M in total dollar weight for an individual line item.

The $250 strike sits roughly 33% below Amazon's current price — deeply out of the money with only 16 days to expiration. At that strike and DTE, this is either a catastrophic hedge by a large holder or a leveraged directional bet on a major market dislocation.

Three smaller AMZN puts also appeared: $280 and $275 April 10 puts ($164K combined) and a $175 May put ($68K). Total AMZN flow: $16.43M, 100% bearish.

A single dark pool print did appear — $1.05M for 5,010 shares — but that is negligible against a $16.2M options position. The put buyer is not being matched by meaningful stock-level accumulation on the other side.

Tesla drew the second-largest premium at $8.04M, splitting 68% bullish / 32% bearish.

The bullish core features an unusual deep-ITM call structure: $145 October calls ($1.45M, 60 contracts) and $130 and $155 September calls ($1.02M and $925K). These are LEAPS-style calls at strikes 55-65% below current price — synthetic long positions that behave almost like owning the stock.

The bearish side totaled roughly $2.58M (32% of TSLA flow). The anchor was a $620 March 2027 put ($490K), with near-term $380 and $370 April puts ($703K combined) likely serving as protective hedges against the deep-ITM call positions.

Palantir drew $3.9M in flow, 77% bearish, with two dominant positions: $175 April 10 puts ($1.51M, 530 contracts) and $190 April 17 puts ($1.18M, 270 contracts). Both are near-dated and moderately ITM.

But the $140 April 17 calls ($726K, 700 contracts) and the matching $140 puts ($244K, 700 contracts) at the same strike and expiry suggest a straddle — someone betting on a big move in either direction around current levels.

PLTR dark pool showed $660K across 5 prints. Mixed signals.

Options: $880K, 75.3% bullish. Third bullish session in four days. The $690 January 2027 calls ($483K, 20 contracts) led, with additional $705 April calls ($129K). Bearish side was thin — a $490 August put ($120K) and a $400 June 2028 put ($97K).

Dark pool: $386K, single print. Lighter than recent sessions but still present. Dark pool has now confirmed in 12 of 14 sessions on the trail.

Trail summary: After the TurboQuant-driven bearish flip on Days 11-12, the trail has re-converged bullish for two straight sessions. The LEAPS positioning from Day 13 ($1.13M June 2028 call) is being followed by January 2027 calls today. The institutional thesis on AI storage remains intact.

Options: $1.80M, 81.3% bullish. The $600 January 2027 calls ($479K) and $400 April calls ($436K) led. This is the third straight session of 67%+ bullish options flow.

Dark pool: $3.61M across 15 prints and 9,764 shares. Three consecutive sessions above $3.6M. Total dark pool over the last three sessions: $25.1M ($14.99M + $6.54M + $3.61M).

OI signal: MU $400 June calls have added OI for 6 consecutive days. Someone is building a massive position at the $400 strike.

Options: $577K, 75% bearish. The March 2027 $360 and $370 puts ($354K combined) pushed the put ladder even further out — now extending to nearly a year out. But the 25% bullish side included December 2028 LEAPS calls.

Dark pool: $1.04M across 6 prints. Steady accumulation continues.

Nike fell 12.97% after guiding Q4 sales down 2-4% versus the Street's +1.9% estimate, despite beating on EPS ($0.35 vs $0.29) and revenue ($11.28B vs $11.24B). No NKE options appeared in today's flow — the market is still processing the guidance miss. Dark pool showed $224K in a single print.

Total dark pool premium (stocks only): $33.3M

AMD quietly printed $2.96M across just 5 dark pool prints — its first appearance in the AhamFlow dark pool top 5. Combined with today's 92% bullish options flow ($637K, led by $510K in June $250 calls), AMD is being accumulated on both channels simultaneously.

SPY put wall expanding dramatically: Seven different SPY put strikes added OI today, ranging from $540 to $635, with the $600 September puts adding 116,105 contracts (the single largest OI addition in today's data). Combined with the $575 May puts at 9 consecutive days of buildup, institutions are layering protection across multiple expirations and strike levels — even as the market rallies.

GLD call buildup: The $465 and $485 May calls added 55,650 and 54,310 contracts respectively. Gold is being positioned as a hedge that complements the SPY puts.

SPXW deep OTM puts: The $4,950 and $5,050 May 8 puts saw 39,000+ contract additions each, with the $4,950 strike showing a 5,671% increase. These are tail-risk hedges for a catastrophic scenario 25%+ below current levels.

BTC held near $68,200 — essentially flat. ETH slipped slightly to around $2,050. The broader risk rally hasn't fully translated to crypto, which remains range-bound between $66K and $70K.

Sector Flow Breakdown: Consumer Cyclical $26.3M (AMZN-driven) | Technology $17.9M | Communication Services $6.8M | Healthcare $0.9M | Industrials $0.8M | Financial Services $0.8M | Consumer Defensive $0.8M | Basic Materials $0.4M

This newsletter is for informational and educational purposes only. It represents observations of publicly available options flow data and does not constitute investment advice, a recommendation, or a solicitation to buy or sell any securities. Options trading involves substantial risk of loss. Past flow patterns do not guarantee future price movements. Always do your own research and consult a qualified financial advisor before making investment decisions. Published by Babu Ventures LLC (d/b/a AhamFlow)

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