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Market Analysis6 min read

October 28 Recap: MU Retakes the Lead at $2.0B as SPY and QQQ Flip Negative

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$14.5B in single-name premium, 27% bullish versus 27% bearish. MU led at $2.0B Mixed; SPX GEX was +$22.53B.

MU returned to the top of the leaders table on October 28 at $2.0B, 54% above its $1.3B on October 27, while TSLA fell from $1.3B to $821M. SPX net GEX rose from +17.41B to +22.53B, but SPY (+3.81 to −3.23) and QQQ (+1.5 to −1.64) flipped back to Negative. Single-name premium was little changed at $14.5B.

$14.5B, 64% calls, 27% bullish versus 27% bearish. MU led at $2.0B Mixed; four of six index GEX rows were Positive.

Open Daily Market Recap or the October 28 session. Sign-in and a paid entitlement may be required.

This edition's figures in 45 seconds. The numbers match the tables below.

What the recap printed

October 28 session KPI strip

Test app, session 2026-10-28, KPI. Captured October 30, 2026 (New York time).

ReadingRecap value
Single-name premium$14.5B
Call / Put64% / 36%
Bullish / Bearish27% / 27%
Overall tonewas balanced
First 30-minute window09:30 · $2.4B

Sentiment bars: Neutral $6.7B, Bullish $4.0B, Bearish $3.9B.

October 28 premium by sentiment

Test app, session 2026-10-28, Step 1. Captured October 30, 2026 (New York time).

What changed since October 27

ReadingOct 27Oct 28
Single-name premium$14.7B$14.5B
Call / Put63% / 37%64% / 36%
Bullish / Bearish26% / 24%27% / 27%
Toneleaned bullishwas balanced
LeaderTSLA $1.3B BullishMU $2.0B Mixed
SPX net GEX ($B)+17.41 Positive+22.53 Positive
Positive index rowsSPX · NDX · SPY · QQQ · IWM · DIASPX · NDX · IWM · DIA
Largest headline-name ticketTwo TSLA 240 CALLs at $9M, NEUTRALMU 980 CALL 2026-11-20 $41M BEARISH

Bullish and bearish premium finished level again at 27%, so the tone returned to balanced. MU's largest ticket, a $41M call, was more than four times TSLA's $9M top tickets on October 27.

Leaders: where premium concentrated

October 28 top names by premium

Test app, session 2026-10-28, Step 2. Captured October 30, 2026 (New York time).

SymbolPremiumCallPutNet bias
MU$2.0B$1.5B$531MMixed
TSLA$821M$529M$292MMixed
META$779M$377M$402MBearish
SNDK$742M$425M$317MMixed
NVDA$631M$411M$220MBearish
AMD$617M$435M$183MMixed

MU's call premium alone was $1.5B, against $531M in puts. TSLA's tag moved from Bullish to Mixed. META and NVDA were Bearish, and META was the only top-six name with more put than call premium ($402M against $377M).

October 28 bottom line and glance

Test app, session 2026-10-28, Bottom line / glance. Captured October 30, 2026 (New York time).

Exposure and volatility context

The glance lists ORCL +1M shares-equiv. as largest Net DEX and TSLA 193% as largest Net DEI magnitude. Step 4 pairs TSLA's 193% with a Negative Net DEX sign; on October 27 the leader was BA at 204%.

Step 5's highest IV rank among active names is GOOG 82 / 100, with 42.6% 30-day implied volatility, against AMZN's 69 / 100 and 43.8% on October 27.

Index GEX: SPX +22.53B, SPY and QQQ flip Negative

October 28 index GEX backdrop

Test app, session 2026-10-28, Step 6 · T+1. Captured October 30, 2026 (New York time).

IndexNet GEX ($B)Regime
SPX+22.53Positive
SPY−3.23Negative
NDX+2.27Positive
QQQ−1.64Negative
IWM+0.97Positive
DIA+0.04Positive

SPX rose 5.12B while two ETF rows went the other way: SPY fell from +3.81 to −3.23 and QQQ from +1.5 to −1.64. NDX narrowed from +13.67 to +2.27, IWM eased from +1.13 to +0.97, and DIA rose from 0 to +0.04.

Headline name: MU at $978

MU headline cards for October 28

Test app, session 2026-10-28, Step 8. Captured October 30, 2026 (New York time).

Cards: last $978, premium $2.0B, 74% calls, 33% bullish, 83% average IV on traded contracts. On October 27 the headline name was TSLA.

TimeTypeStrikeExpiryPremiumSentiment
15:52CALL9802026-11-20$41MBEARISH
15:52CALL1,2502027-02-19$30MNEUTRAL
09:36CALL9502026-10-30$20MBEARISH
14:36CALL9002027-01-15$10MBEARISH
15:52CALL1,5502027-02-19$9MNEUTRAL
09:55CALL1,2802027-12-17$9MBEARISH

MU biggest prints for October 28

Test app, session 2026-10-28, Step 8 · prints. Captured October 30, 2026 (New York time).

All six of MU's largest tickets were calls. The largest was a $41M 980 call expiring 2026-11-20, tagged Bearish, one of three MU tickets printed at 15:52 that came to $80M together. A $20M 950 call expiring 2026-10-30 printed at 09:36.

Movers: GMAB +28.6%

October 28 intraday movers

Test app, session 2026-10-28, Step 7. Captured October 30, 2026 (New York time).

The largest gain was GMAB +28.6% (Step 7: 28.6%, Up). October 27's was ENVX, +23.8% in the bottom line and 23.9% in Step 7.

What this session is evidence of

QuestionOct 28Oct 27Clock
Size / tone$14.5B · 27% / 27% · was balanced$14.7B · 26% / 24% · leaned bullishSession tape
ConcentrationMU $2.0B MixedTSLA $1.3B BullishSession leaders
Relative exposureTSLA DEI 193% · DEX NegativeBA DEI 204% · DEX NegativeSession exposure
VolatilityGOOG IV rank 82 · IV 42.6%AMZN IV rank 69 · IV 43.8%T+1
Index structureSPX +22.53B Positive · NDX, IWM, DIA PositiveSPX +17.41B Positive · NDX, SPY, QQQ, IWM, DIA PositiveT+1
Largest headline-name printMU 980 CALL 2026-11-20 $41M BEARISHTwo TSLA 240 CALLs at $9M, NEUTRALSession ticket

How to read these numbers

This edition reads TradingFlow's Daily Market Recap for October 28, 2026, captured on October 30 (New York time). Two runs a minute apart printed the same figures. It is a completed-session report, not a trade recommendation.

Two clocks apply. Premium, sentiment, and prints describe the session tape; GEX and IV are the recap's T+1 / prior-close snapshots, not a live intraday gamma map. Neutral premium supplies no direction, and call share is option type, not bullish sentiment. Net DEI is an unsigned magnitude relative to typical activity; Net DEX is a separate signed classification, and a +0M reading rounds to zero. GEX is modeled chain structure under TradingFlow's dealer-sign convention, not observed dealer inventory, a support level, or the next session's direction. Ticket tags do not prove who bought or sold or whether a position opened, and intraday_pct is a first-to-last underlying-price proxy from the option tape, not a verified daily return.

Reproduce the findings

  1. Open the October 28 recap; confirm Oct 28, 2026 in the session KPI.
  2. Open the October 27 recap beside it and compare the KPI strip, leaders, and all six index GEX rows.
  3. Compare the headline name's cards and largest tickets on both days: MU on October 28, TSLA on October 27.
  4. Read Steps 4–6 separately: exposure magnitude, volatility rank, and index structure.

TradingFlow App Home → Cookbooks → Daily Market Recap → select the completed session.

Educational and informational only, not financial advice. Options-flow reads are statistical inferences. Dealer exposure levels, including GEX, DEX, DEI, walls, and magnets, are modeled estimates, not guarantees.