Steel Bulls, Short Squeeze Fuel Options Rush

Options markets are flashing notable signals today. Steel names and a squeezed short target dominate the unusual activity picture on June 17.

Nucor issued Q2 guidance of $4.70–$4.80 per share. That beat expectations and sent options traders scrambling for calls. Steel Dynamics separately guided Q2 EPS to $3.51–$3.55. Both names carry active near-term expiries on June 18 and July 17. With short interest at just 1.8% and 2.9% of free float respectively, there is little friction for bulls.

Rumble is a very different story. Short interest sits at 26.6% of free float. Utilization has hit 100% and borrow availability has crashed to just 0.43% of short interest — the sharpest tightening seen this week. Options expiries run weekly through July. A squeeze setup is building as shorts struggle to maintain positions.

Venture Global signed a new LNG supply deal with EnBW through 2031. The stock carries 7.2% short interest. Options activity with expiries running weekly into August suggests traders are positioning around energy deal flow.

Chip names NVDA and AMD hold active expiry chains into September. The broader market backdrop — CNBC flagging a chip stock rebound attempt — keeps call interest elevated in semiconductors.