THE READ · PUBLISHED AT THE CLOSE
Today ran elevated.
2026-09-10 session · measured
Market-wide activity ran its 73rd percentile against its own history — a measurably elevated session.
01What happened, measured
Of the 80 names with established baselines, 13 printed at or above their own 95th percentiles (AAPL, BA, GE, HD, HYG, IWM, LOW, MCD, NFLX, NKE, ORCL, UBER, WMT) and 11 ran elevated (BABA, COIN, COP, COST, HOOD, META, MPC, MRK, PG, SLV, TLT). By the published rule, that made the session elevated.
02The tape, in aggregate
S&P 500 (SPY) +0.0% · Nasdaq 100 (QQQ) +0.1% across the observed session, delayed 15 minutes.
Technology38% of measured premium · 63% in calls
Index ETF35% of measured premium · 32% in calls
Consumer Disc15% of measured premium · 26% in calls
Communication6% of measured premium · 30% in calls
Sector figures are shares of the options premium the platform measured
today — where the activity sat, not a judgment about it. Call share is descriptive, not
directional: a call can open, close, hedge, or leg a spread.
03The most active names, vs. their own histories
IWM100th
MCD100th
LOW100th
Dashed line = each name's own 85th percentile. The bar measures each name
against its own trailing sessions, not against the market. Quieter than usual today:
JNJ (23rd) · BAC (22nd) · DE (21st) — and no, quiet isn't a signal either.
04Where it showed up
AAPLat/above its 95th
BAat/above its 95th
GEat/above its 95th
HDat/above its 95th
HYGat/above its 95th
IWMat/above its 95th
LOWat/above its 95th
MCDat/above its 95th
NFLXat/above its 95th
NKEat/above its 95th
ORCLat/above its 95th
UBERat/above its 95th
WMTat/above its 95th
BABAelevated (85th–94th)
COINelevated (85th–94th)
COPelevated (85th–94th)
COSTelevated (85th–94th)
HOODelevated (85th–94th)
METAelevated (85th–94th)
MPCelevated (85th–94th)
MRKelevated (85th–94th)
PGelevated (85th–94th)
SLVelevated (85th–94th)
TLTelevated (85th–94th)
05What we can't know
We can observe:
- Where activity occurred
- How unusual it was vs. each name's own history
- How price and volume behaved
We cannot observe:
- Any trader's intent
- Whether a trade was a bet, a hedge, or one leg of a spread
- What anyone does next
The Read describes the market. It doesn't tell you what to trade.
The number spoke today — elevated, by the published rule, against the market's own history.
AAPL, measured against its own history →GET THE READ AT THE CLOSE
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