End of Q1: The S&P 500 finished March down 5.3% — its worst month since December 2022. But today was its best single day since May. VIX plunged 17.5%. Every sector finished green.

$38.1M total premium scanned across 72 tickers and 250 fills.

Sentiment: 79.9% bullish / 20.1% bearish — the most lopsided bullish reading in AhamFlow history.

Put/Call ratio: 0.25:1 (down from 1.19:1 yesterday, and a complete reversal from Friday's 2.48:1)

The market flipped in 48 hours. Friday was 71% bearish. Monday was 54% bearish. Today: 80% bullish. The catalyst — an unconfirmed report that Iranian President Pezeshkian is open to ending the war with guarantees — sent the Dow up 1,125 points and crushed the VIX by nearly 18%.

The flow confirms this wasn't just short covering. Fresh call positions appeared across every sector, with deep-dated LEAPS and large contract sizes that signal conviction.

After two bearish sessions that broke the longest all-bullish streak in AhamFlow history, SNDK roared back with its largest single-day premium since we started tracking it.

Options: $4.03M, 78.7% bullish.

The anchor position: a $1,000 call for June 2028 — $1.13M, 42 contracts. That is a two-year LEAPS bet at a strike 63% above current levels. Someone is betting the AI memory thesis not only survives TurboQuant, but thrives.

Additional bullish: $650 calls for January 2027 ($476K), $560 calls for July 2026 ($291K), and two more $1,000/$990 calls for January 2028 ($531K combined).

The bearish side was relatively thin — $1,080 and $1,070 April puts ($807K total), likely hedges against the bullish core.

Dark pool: $3.09M, 13 prints, 4,806 shares. This is the third-highest dark pool session on the SNDK trail and marks accumulation in 11 of 13 sessions.

Trail scorecard after 13 days:

JPMorgan drew $3.03M in pure call buying across two fills — both June 2026 expiry.

The $300 calls ($2.13M, 1,500 contracts) and $320 calls ($900K, 1,500 contracts) are identical in contract count but spread across two strikes. This is a call spread — capped upside between $300 and $320 — often used when an institution expects a defined move.

JPM earnings are April 11. Financial stocks rallied broadly today as Treasury yields fell and credit spread fears eased. This is the first time a bank has appeared in the top five of an AhamFlow issue.

Tesla led all tickers by premium today at $5.16M, and unlike yesterday's mixed hedging setup, the flow was predominantly bullish with near-term expirations.

Key positions: $280 calls for April 24 ($941K, 100 contracts), $230 calls for April 24 ($854K, 60 contracts), and $300 calls for December 2027 ($914K, 65 contracts). A $450 September call ($441K) and $400 July call ($140K) round out the bullish side.

The bearish positions — $370 April and July puts ($636K total) — appear to be protective hedges against the call accumulation, not standalone directional bets.

Nike reported fiscal Q3 results after the close. Revenue came in at $11.28B, beating estimates of $11.24B. EPS was $0.35 versus the $0.29 consensus — a 20% upside surprise.

But guidance killed the rally. CFO Matt Friend projected Q4 sales declining 2-4%, far worse than the Street's estimate of a 1.9% increase. He cited rising oil costs from the Iran war and warned of "unplanned volatility" in the macro environment. Shares fell more than 8% in extended trading.

Today's flow: No NKE options appeared in the top 250 fills — consistent with the pre-earnings silence pattern.

Dark pool: $1.54M across 6 prints and 32,122 shares. That's notable positioning ahead of the print. The lit flow also showed a single $480K NKE trade. Someone was buying shares before the number.

The beat-then-sell pattern here reflects a market that is no longer rewarding backward-looking results — it wants forward visibility, and Nike couldn't provide it.

Options: $1.73M, 67.2% bullish. The $400 June calls ($405K) led. After yesterday's record $15M dark pool day, MU continued accumulating — $6.54M across 27 prints in today's dark pool. Two consecutive sessions above $6M in dark pool premium. The dip-buying thesis is being backed by real capital.

Options: $990K. For the first time in nine sessions, MSFT was NOT 100% bearish. Flow split roughly 45% bullish / 55% bearish. The bearish side extended into March 2027 puts ($360 and $370 strikes, $354K combined). But the bullish side countered with December 2028 LEAPS — $350 calls ($152K) and $500 calls ($136K). The put ladder is still expanding, but call buyers are now emerging.

Dark pool: $453K, 2 prints.

OI data shows +8,606 contracts on the $122 April puts. No options flow appeared in the top 250 today, but the persistent OI buildup continues.

Total dark pool premium (stocks only): $37.5M

Memory names (MU + SNDK) accounted for $9.6M — over 25% of all stock dark pool premium. The accumulation pattern into beaten-down tech is accelerating.

NVDA $140 June calls: +99,976 contracts (2 consecutive days of OI increases). This is a massive position buildup at a strike roughly 20% below current price — deep ITM accumulation consistent with institutional buying.

SPY protective puts persist: The $630 April 10 puts added 77,212 contracts (9 consecutive days). Institutions are maintaining hedges even during today's 3% rally.

INDA (India ETF): $43 May puts saw +45,757 contracts (221% increase). An emerging market hedge entering the picture for the first time.

HYG (high-yield bonds): Multiple put strikes saw 30K-44K new contracts across June and September expirations. Credit market hedging continues despite the equity rally.

BTC rose to approximately $68,100, gaining roughly 2% as the broader risk-on sentiment extended into crypto. ETH held near $2,070 — flat on the day. The Fear & Greed Index ticked up from Extreme Fear but remains well below neutral.

Sector Flow Breakdown: Technology $18.8M | Consumer Cyclical $6.1M | Communication Services $4.8M | Financial Services $3.8M | Industrials $2.5M | Healthcare $1.3M | Basic Materials $0.6M | Consumer Defensive $0.1M

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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