$NVDA UPDATE:
Don't panic over the red candles. Surface price action is one thing — the options structure underneath tells you what's actually loading.
Seven straight down days heading into earnings, but look at the setup: 60% call premium, 0.82 put/call open interest ratio, and +481K positive vanna. This is textbook pre-earnings compression. Price bleeds lower, implied vol climbs, positioning stays bullish. Then earnings print, IV collapses, vanna kicks in, and the entire week-long drawdown gets erased in a single session.
The flow says the snap is coming. The drift is the setup.
Don't panic over the red candles. Surface price action is one thing — the options structure underneath tells you what's actually loading.
Seven straight down days heading into earnings, but look at the setup: 60% call premium, 0.82 put/call open interest ratio, and +481K positive vanna. This is textbook pre-earnings compression. Price bleeds lower, implied vol climbs, positioning stays bullish. Then earnings print, IV collapses, vanna kicks in, and the entire week-long drawdown gets erased in a single session.
The flow says the snap is coming. The drift is the setup.
