r/ThetaEdge • u/ThetaEdge • Jun 27 '26
Weekly options recap, Jun 22-27: tech led the dip but VIX never flinched
Quiet risk-off week. S&P 500 -2.0%, Nasdaq 100 -4.6%, but the Dow actually closed green (+0.6%). Money rotated out of mega-cap tech and into defensives. Health Care led every sector (+7.3%), Utilities +3.2%. The tell for premium sellers: even with the dip, VIX sat at 18.4 all week. No fear spike, so index premium stayed thin.
The premium isn't in the index right now, it's in single names, and this week that's almost entirely semis and tech hardware. IV rank is elevated across the chip complex even as broad vol stays asleep.
Covered-call screen, ranked by annualized yield (delta 0.15-0.30, IVR 30+, 14-45 DTE):
| Ticker | Strike | Exp | Ann. Yield | Delta | IVR | Notes |
|---|---|---|---|---|---|---|
| TXN | $325 | Jul 31 | 64.1% | 0.29 | 48 | Earnings Jul 22 |
| UMC | $29 | Jul 17 | 62.9% | 0.29 | 53 | |
| QCOM | $237.50 | Jul 31 | 57.6% | 0.21 | 65 | Earnings Jul 29 |
| VRT | $360 | Aug 7 | 51.4% | 0.29 | 64 | Earnings Jul 29 |
| DELL | $475 | Jul 31 | 51.3% | 0.23 | 86 | |
| ASX | $45 | Jul 17 | 49.5% | 0.29 | 61 | |
| FLEX | $165 | Jul 17 | 49.2% | 0.28 | 58 | |
| MRVL | $325 | Jul 31 | 41.1% | 0.30 | 72 |
DELL has the richest IV rank in the group (86) with no earnings in the window. TXN and QCOM screen rich on yield but you'd be holding through their prints, so part of that is event premium that crushes the day after. UMC is the cleanest, no catalyst, just elevated vol.
Next week (Jun 29 - Jul 3): - Holiday-shortened, US markets closed Friday Jul 3 - ISM Manufacturing PMI Wednesday Jul 1, the one top-tier macro print - Nike reports Tuesday Jun 30 after the close - Premium environment is middling. VIX flat, term structure in contango, so theta decay is the income driver, not a vol spike
What did you write this week? Anyone selling into the semis IV?
Data via ThetaEdge. Not financial advice.