Nike (NKE) large early buyers of 3,250 June $160 calls for $9.45 to $9.95 as shares continue to base above the 200-MA. Today’s flows follow a large bull spread on 9-30 that saw 3000 December $125 puts sold for $1.33 to buy the $155/$170 call spread for $2.49 while the January 2024 $120 puts also sold for $12 this week. NKE Shares are back at the 200-MA after hitting highs near $175 in August and looking to break back above $154 and into monthly value with VPOC above at $158.25 a nice initial target. NKE is in a strong long-term trend higher and recent pullback has held the 23.6% Fibonacci retracement. The $237B company remains a best-of-breed name in the retail apparel space with short-term headwinds around inventory challenges and China growth. Demand remains strong and shares can regain their leadership with better visibility around supply chains into 2022.