SPCX Broken-Wing Bear Call — 2026-11-27

SPCX (Space Exploration Technologies Corp. - Class A Common Stock): $3339K of buyer-initiated unusual put flow (42% put-dominant), IV rank 31 (moderate). Our gamma model reads SPCX in a NEGATIVE-gamma regime (net GEX -23.3M, flip —) — dealers are short gamma and amplify moves, so this is defined-risk only and leans with the flow. Structured as a Broken-Wing Bear Call (sell $132C / buy $133C) expiring 2026-11-27 (21 DTE) — negative-gamma (trend/gap risk) → defined-risk broken-wing leaning with flow. Net credit $50, max loss $50 (defined risk). Breakevens $132.50.

Underlying: SPCX @ ~$131.57 | 2026-11-27 (21 DTE) | Net credit (entry): ~$50 per spread. Use limit orders at the mid or slightly better.

ENTRY: Put on the broken-wing call spread: sell the $132 call, buy the further-OTM $133 call with a WIDER gap on the far wing, expiring 2026-11-27 (21 DTE), as one order at a LIMIT of the mid or better — target net credit $50. IV rank 31 is moderate — credit is workable but define risk and don't oversize. The skew removes downside risk while collecting a credit; the upside gap is the residual max loss ($50). | TAKE PROFIT: Buy it back to LOCK IN gains at ~50% of the $50 credit. Also close on TIME: exit around 21 DTE regardless of P&L to sidestep the late-cycle gamma/pin risk near SPCX's short strike(s) — currently 21 DTE, so plan the exit 0 day(s) out. Below $132 the whole credit is yours — take profits, don't carry the tail. Breakeven $132.50. | IF TESTED: The risk is a sharp rally into the wide wing. When SPCX tests the $132 short call (delta ~0.30) or loss ≈$100, roll the structure UP and OUT ~7–14 days for a credit, or buy an extra long call to square the wing into a symmetric (fully defined) spread. Treat a close above the $130 call wall as the hard trigger to act (the resistance magnet has broken). dealer gamma is NEGATIVE (vol-amplifying) — moves accelerate here, so defend one trigger EARLIER than usual and don't wait for the strike to go in-the-money; put wall (support) at $130; call wall (resistance) at $130. If price reaches the $133 wing, you're at max loss ($50) — take it. | MAXIMIZE: Holding below $132? Let theta collect the full credit. Once most is banked, roll down toward the money next cycle for a richer credit, or add a put spread to convert into an iron condor if flow turns two-sided.