As a control, I performed the same exercise for the 10 largest non-tech (or at least non-NDX) companies in the S&P 500. (BRK/B, JNJ, PG, V, UNH, HD, MA, JPM, VZ and CRM.) What’s interesting is these names have also seen a steady rise in call open interest, but it started much earlier, almost coinciding with the broad-market lows.