Half-Year Close: Options Expiry, Big Insider Sales, and Nike in the Wings

Today is the last trading day of the first half of 2026. Markets are navigating a high-gamma session as monthly options expire across key names, setting up a volatile close to the half-year.

Options Expiry Dominates the Open

SPY and NVDA both carry same-day expiries. Dealer hedging is driving sharp intraday moves. NVDA's ORTEX momentum score has dropped 10 points since mid-June — from 62.8 to 53.0. That signals traders rotating hedges rather than adding fresh calls. AMD traders appear to be looking past this week entirely, with attention shifting to September expiries tied to Q2 earnings.

Insider Selling Piles Up

The biggest C-suite exit of recent weeks comes from ASTS. CEO Abel Avellan filed $146.7 million in sales on June 23. Five insiders at AMAT have also filed a combined $87 million in sales. KeyBanc moved against that trend today, raising its price target on Applied Materials to $750 while maintaining Overweight. Best Buy founder Richard Schulze added to the selling tide, filing $32.7 million in sales on June 26.

Short Interest: Bears and Covers

LEVI saw its short interest tumble 23.8% in one week to 6.7% of float. Availability soared to 1,046%. That is a clear short squeeze signal. Meanwhile, Wolfspeed remains the most extreme short in the market — SI at 129.9% of float with zero availability. Bears are trapped.

Eyes on Nike Tonight

NKE reports Q4 2026 after the bell tomorrow. It is the marquee earnings event of the week. Analysts will focus on North America trends and China recovery. The BIS issued a separate warning today that AI investment "exuberance" risks a lengthy bust — a note that weighs on tech sentiment as the half-year closes.