Options markets sent a split signal this week. Persistent put demand hammered European financials — BBVA, ING, and SMFG each logged multi-day PCR extremes above 4 standard deviations. At the same time, broad-market ETFs IVV and the S&P 500 growth complex attracted aggressive call buying, pushing PCRs to 52-week lows.
BBVA — The week's most persistent extreme. PCR climbed from 1.39 on June 9 to 1.43 by June 12. Each reading landed 4.3–4.4 standard deviations above the 20-day mean of 0.18. Put demand intensified across all four sessions. No single catalyst was cited, but the sustained nature of the signal stands out.
SMFG — PCR hit a 52-week high of 0.69–0.71 on three separate days, each 4.3–4.4 standard deviations above a 20-day mean of just 0.062–0.065. That mean is unusually low, so even moderate put buying registers as extreme. The stock gained 3.6% on June 12, making the defensive positioning a divergence worth watching.
ING — PCR reached 0.81 on June 12, roughly three times the 20-day average of 0.30. The z-score hit 4.3. The reading repeated across three sessions, flagging it as a structural shift rather than a one-day spike.
IVV — The iShares S&P 500 ETF moved in the opposite direction. PCR crashed to 0.49–0.50, a 52-week low and 4.3 standard deviations below its 20-day mean. Call volume dominated. This matched a broader risk-on tone in large-cap US equity options.
MSFT — PCR surged to 0.47 on June 9 and again on June 11. Both readings sat 4.1–4.14 standard deviations above the 20-day mean of 0.35. That is a 52-week high for the ratio. The stock fell 10.6% from weekly highs at the first reading. By June 11 the decline had moderated to 1.5%, yet put positioning held firm.
EWA — The Australia ETF printed a PCR of 11.64–11.67 on June 9 and June 10. The reading was the highest since April and sat 4.3 standard deviations above a 20-day mean of 2.02. Short interest in the fund also jumped 31% in one week per the June 10 pulse, compounding the bearish signal.
GME — PCR hit 0.56 on June 10, a 4.3 standard deviation spike above the 20-day mean of 0.32. That was the highest level in over a year. A follow-up on June 12 confirmed the reading. Short interest held at 13% of free float throughout, and the June 9 investor call appeared to trigger the hedging activity.
STX — Moved sharply against the broader bearish tone. PCR collapsed to 1.22, a 52-week low and nearly 4 standard deviations below the 20-day mean of 2.04. Call buying dominated across three sessions into earnings. STX sits in a sector where PCRs are structurally elevated, so the drop carries more weight.
PL — Planet Labs' PCR climbed to 0.66–0.68 on June 10–12, hitting 52-week highs at 4.17 standard deviations above the mean. The stock fell 35% in the week ahead of June 11 earnings, then rebounded 11% intraday after the report. Options traders stayed defensive through both moves.
TAK — Takeda's PCR printed 2.11–2.12 on three consecutive days, each a 52-week high. The reading persisted from June 9 to June 12. Earnings on June 24 appear to be the anchor for the defensive positioning.
WRB — A clear bull outlier among single names. PCR plunged to 0.35 on June 9 and held there through June 12. Each reading sat 4.0–4.1 standard deviations below the 20-day mean of 0.66–0.67. The ratio hit its 52-week low by June 11. The insurer reported earnings during the period and the stock recovered.
QSR — Restaurant Brands' PCR fell to a record low of 0.1457 on June 9. Call dominance was extreme. The pulse noted that short interest was also retreating, adding to the bullish tilt in positioning.
European and Japanese financials attracted the heaviest and most persistent put demand of the week. BBVA, ING, and SMFG all logged 4-plus standard deviation PCR spikes repeatedly. NGG and RELX, UK-listed names, also hit 52-week PCR highs multiple times. The cluster suggests options traders are building hedges specifically against European and Asian financial exposure rather than reacting to isolated company news.
Broad-market and growth ETFs saw the inverse. IVV PCR hit a 52-week low. WRB and QSR joined from the single-name side. Calls overwhelmed puts in these instruments, consistent with a market where macro hedgers are directional by geography rather than by asset class.
Earnings-linked hedging was a clear sub-theme. PL, STX, TAK, and GRAB all showed extreme PCR moves tied directly to upcoming or imminent earnings dates. GRAB diverged — its PCR plunged to a 52-week low of 0.149, 4.1 standard deviations below its mean, as options traders positioned bullishly into the report.
Small-cap technology also drew attention. UCTT PCR exploded to 1.10–1.11, a 52-week high at 4.3–4.35 standard deviations above its mean of 0.17–0.18. The signal appeared on June 9, June 10, and June 11 — even as the stock rallied 15% on June 12. SYNA logged similar back-to-back bearish extremes at 4.0–4.1 standard deviations above its mean. CIFR printed a 52-week PCR high on three separate sessions, each around 4.2 standard deviations above its mean.
ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
