Options data suggests Nvidia's post-earnings move will exceed the implied 5.9% and be bullish, based on heavy call buying at higher strikes.

what is Nvidia going to report after the bell?

But remember, the last three days we've all been talking about PCE, Nvidia earnings, and of course the Kevin War speech on Friday from Jackson Hole, Wyoming.

Nvidia's obviously the big one. Nvidia had been down multiple basically for a week straight or over a week. Yesterday, it did bounce, but as we come into earnings, one of the factors that I am always watching and we have someone, we have multiple traders that are options traders in the office and I talked to them this morning and I said, "Listen, what are the options, what's the options market telling us?"

So the implied move is what the options premiums are pricing in is a 5.9% move on earnings. Now that doesn't tell you if it's up or down. So that's what the market is pricing in 5.9%.

However, there is a lot of call buying at much higher levels. In other words, even call buying to ex the extent that it could be institutional. It's that much money are buying.

We're talking about the one I think the 130s even the 230s excuse me the $230 call options. Now again it doesn't mean it's correct but the job is to follow the breadcrumbs right and the data and the data is telling us right now that big money is thinking Nvidia is going to get a bigger than 5.9% move and that direction is favoring the upside.

Take it for what it's worth. Am I long or short in video? No. But I will obviously be monitoring this after the bell when the earnings do come out.