The Tape
The index names paid, but they made you wait. QQQ got in first at 12:05 at $727.70 and stayed on the board to 4:00, closing at $729.64 for $1.94 in 235 minutes. Z3 showed up one bar after entry, so at least the patience had company.
SPY was the last trade standing with it. In at 1:30 at $749.58, out on the bell at $750.73, $1.15 in 150 minutes. Z3 didn’t fire until nine bars later, which tells you what kind of ride this was: not clean extension, just a grind that asked whether you could sit still. SPY held 150 minutes for $1.15. The premium did the work — for the other side.
The Semis
This group had the real money, even with two puts hitting early before the tape turned into a call day. MRVL was the fastest trade in the room: short at 10:20 at $202.43, covered 11:55 at $198.17, $4.26 in 95 minutes. AVGO did the same job a little slower, 10:05 to 12:05, $423.515 down to $418.63 for $4.88 in 120.
Then the calls took over. MU was the biggest cash move here by a mile — 11:30 at $907.10 to 3:55 at $928.30, $21.20 in 265 minutes, with Z3 there at entry. QCOM was right with it on structure if not size: 11:30 at $226.23, out 3:55 at $233.44, $7.21. AMD stayed in the fight from 11:50 to the close, $490.025 to $494.88 for $4.86, even with the Kijun getting violated mid-ride. NVDA paid $3.09 from 11:25 to 2:55, but a 20% control ratio on that kind of MFE tells you plenty got left on the table. SMCI made it back too, just not with force — $0.89 in 245 minutes.
Big Tech
META was the clean knockout. Long at 1:35 at $610.71, out 3:55 at $635.31, $24.60 in 140 minutes. Best move in the whole sheet and it didn’t waste the afternoon.
MSFT was the quick hit: 9:55 at $411.44, out 10:50 at $414.225, $2.78 in 55 minutes, fastest winner of the day. AMZN made money, but barely — 10:00 at $270.045 to 1:05 at $270.53, $0.48 in 185 minutes, and that 66% control ratio is the tell. Tight ride, thin result.
The puts kept printing underneath. PLTR lasted the longest in this group and paid for it: 10:45 at $134.95 to the close at $132.51, $2.44 in 315 minutes. AAPL gave $1.85, GOOGL $1.71, NFLX $0.91, TSLA $1.76 in a one-hour shot from 9:35 to 10:35.
Crypto
Crypto names moved better than the tape and cleaner too. COIN shorted at 10:20 at $178.50 and stayed heavy into 3:55, closing at $173.78 for $4.72 in 335 minutes. HOOD went the other way and still paid: 10:00 at $74.94, out 3:40 at $76.27, $1.33 in 340 minutes.
That’s the split you care about. The board said calls won the day, but there was still short money sitting in the right places if you got there early and didn’t get cute. Tomorrow starts over at 9:30. The tape doesn’t care what paid today.