Bullish 2027 Call Trades
Tuesday’s tape lit up with two eye-catching LEAP call blocks set nearly 26 months out to the June 2027 cycle, combining for roughly $20 million in premium. The standout is the GOOGL $160 call, where 2,990 contracts were swept at the ask for $33.45 each. Open interest coming into the session was just 151 contracts, so the volume-to-OI ratio of 19.8× screams “fresh positioning.”
With the strike only 1.9% above spot ($157.42), this looks like a calculated bet on Google pushing to new highs over a multi-year horizon, perhaps tied to AI monetization or ad-cycle upside. The sheer size — about $10 million notional premium and $478 million in underlying delta exposure — underlines high conviction from deep-pocketed players.
The second print, a Gilead Sciences (GILD) $97.50 call block, moved 4,762 contracts for $21.00, executed above the ask — another aggressive buy. Here, volume and open interest are nearly identical (V/OI ≈ 1), implying the block may have rolled or completely replaced existing positions rather than opening net new risk. Still, the trader put up $10 million to hold an in-the-money biotech play through mid-2027, a window that could encompass multiple pipeline read-outs.
Main Takeaway
Both trades leverage the time value of LEAPS to express secular upside views while controlling risk to pre-paid premium. For swing and long-term traders, the outsized GOOGL V/OI ratio warrants particular attention; sustained follow-through in flow or price would validate the bullish thesis. Always pair flow with technical and fundamental work before acting.
