SA is attributing today's move in OLED to a patent application by Apple.  That may be a partial catalyst but the content of the patent is nothing very new with regard to AMOLED technology.  Especially given all the Apple rumors lately, this would have little power to move the stock without the options positions, and it's no surprise that this news happens to break the day before expirations.

To my mind, the real winner here is InvenSense, in that this represents another likely win for its new fingerprint sensor technology.  That's because what is new in the application is combining that technology under the glass of an AMOLED display.  It will take a while to develop, but whereas the market seems to be underestimating the time to market and overvaluing OLED, it is undervaluing and completely ignoring the prospects for InvenSense.

Subscribers have written in to ask about the substantial moves, in opposite directions, of INVN & OLED today.  I think both are options-related and ephemeral.

For OLED, there is a substantial quantity of puts that are well in the money, with a concentration around the $35.  Market makers are probably moving to cover that.  Fundamentally, LG is expected to announce more buildout by the end of the month, and the industry is expected to see impressive growth in 2016 & 17, but OLED pricing seems overdone and I don't see this move as sustainable unless there is a surprise Apple announcement (not just rumors). I highly doubt that will materialize and don't see much opportunity here.

For INVN, both puts and calls are concentrated in the $10-11 range.  I don't think the put side is so much bets against the company as attempts at a good entry point and/or income.  There is probably temporary disappointment over the lack of a big announcement to wrap up the conference.  However, I am not disappointed in that the cloud fitness service is a potential paradigm shift for the company, but the market was looking for a big partnership announcement.  I think there is good speculative opportunity on this move, and I may writeup an SA article on it.