$52 BILLION of forced selling into the close today

That's Morgan Stanley's estimate for levered ETF rebalancing this session

Only one day since 2020 was bigger: June 5, 2026 ($55B)
(@CheddarFlow)

Semis are now CHEAPER than the S&P 500

13.8x forward earnings vs 18.3x

Widest discount since 2018

In June 2024 they traded at a 66% premium
(@CheddarFlow)

QQQ $16M Put Buyers Today:
(@CheddarFlow)

Someone just bought $6.8M+ of $SMH puts into the chip bounce

$2.2M of it hit in a single second

Semis bounced today... somebody isn't buying it
(@CheddarFlow)

Someone just bought a $4.9M $SPY Mar 2027 put spread

705s and 715s. 1,175 contracts a side. Above ask.

Spot was 737
(@CheddarFlow)

A GIANT whale just bought $24.6M of $CCJ calls

72,500 OTM contracts
(@CheddarFlow)

Someone just swept $5M of $NVDA puts in 30 seconds

6 sweeps & $2.3M of it in the Dec 230s
(@CheddarFlow)

Bulls have a level to reclaim

$SPY is at 738.01, just below the 740 put wall

Net gamma: −$13.9 BILLION across all expiries
(@CheddarFlow)

$AMD has the most BEARISH flow by far today
(@CheddarFlow)

11.23 MILLION put contracts

Thursday was the biggest put-volume day in Cboe history

The previous record was 10.22 million on April 4, 2025.
(@CheddarFlow)

JP Morgan charts $4 TRILLION+ of off-balance-sheet obligations across seven companies

Google alone: $1.077 trillion in commitments versus $113 billion of on-balance-sheet debt and leases
(@CheddarFlow)

Only about 25% of MSCI Emerging Market stocks are above their 200-day moving average.

The chart's historical average is 56.5%
(@CheddarFlow)

A United States government assessment has reportedly linked $NVDA Chief Executive Officer Jensen Huang to an individual identified as a Chinese spy.

Insiders getting ahead of the news...WTF!
(@CheddarFlow)

$QQQ fell 6.5% in a single day on Thursday. Here's what the flow, gamma and dark pools show, plus the chart levels that matter this week:

Watch Now:
(@CheddarFlow)

Someone was buying MILLIONS worth of $NVDA puts the day before news came out that the CEO had an affair with a Chinese spy
(@CheddarFlow)

This is INSANE

On Friday, we posted this whale bought $5M worth of $NVDA puts (unusual)

later that night, news came out that the CEO had an affair with an alleged Chinese Spy

Today, Nvidia has completely COLLAPSED and that whale just woke up to MILLIONS of profit
(@CheddarFlow)

$5.3 MILLION of Nasdaq $QQQ December calls in 20 minutes 👀

$2.9M+ on the Dec 11 685 calls alone

CPI is tomorrow...
(@CheddarFlow)

This is very unusual 🚨

Someone just loaded $5.3M of $QQQ calls 20 minutes ago

But puts are STILL more expensive than calls by 8 vol points

Even on a +3% day, traders are paying up for downside protection... If those hedges come off, this squeeze could get violent
(@CheddarFlow)

Someone just DOUBLED DOWN on $QQQ Calls
(@CheddarFlow)

Someone just loaded ~$10M of $MU puts (Unusual Size)
(@CheddarFlow)

Someone just loaded $1.4M of $IREN puts in an hour
(@CheddarFlow)