Sentiment read — Options markets flashed conflicting signals this week. Defensive put buying hit extreme levels across European financials, Japanese banks, and beaten-down growth names. At the same time, call activity dominated in storage and insurance stocks, suggesting the week's fear was far from uniform.
HEI.A — PCR 21.37, z-score +4.4 The week's most extreme reading. Put demand exploded to 21.37 — the highest PCR in 52 weeks — against a 20-day mean of just 1.78. That is a 12-fold surge. Options traders were aggressively buying downside protection on the aerospace and defence name.
KLAC — PCR 12.88, 52-week high Semiconductor equipment was firmly in the crosshairs. The put/call ratio hit its highest point of the year. The move came after the stock rallied 32% in four weeks, suggesting traders were locking in gains through protective puts rather than expressing fresh directional conviction.
EWA — PCR 10.5–11.1, z-score +4.4 The iShares MSCI Australia ETF saw its PCR spike to 11.1 early in the week, holding above 10.5 across multiple sessions. The signal was persistent. Traders were buying downside hedges on Australian equities at the highest rate in roughly a year.
BBVA — PCR 1.28–1.40, z-score +4.3 to +4.4, 52-week high The Spanish bank triggered extreme put signals on three separate days. Its 20-day mean PCR sits at just 0.19. Readings above 1.28 represent a more than sixfold deviation from normal activity — all while the stock gained 8–11% on a weekly and monthly basis. Bears were hedging into strength.
WDC — PCR 1.41–1.44, z-score –4.1 The opposite story. Western Digital's PCR crashed to a 52-week low as call buying surged. The stock jumped 16% in a single session and 31–45% across the week. Options flow confirmed the bullish momentum, with puts retreating sharply relative to calls.
WRB — PCR 0.33–0.34, z-score –4.1 to –4.2, 52-week low W.R. Berkley registered extreme call dominance on multiple sessions. The PCR sat 47–49% below its 20-day mean. The signal was consistent across three days. Traders loaded calls ahead of July earnings.
SNOW — PCR 0.785–0.795, z-score +4.0 to +4.1, 52-week high Snowflake's PCR held at its highest reading of the year across three consecutive sessions. Despite a 53% monthly gain, options traders were buying puts. The stock's June 29 earnings date appeared to be the catalyst for defensive positioning.
SMFG — PCR 0.65–0.66, z-score +4.0 to +4.3, 52-week high Sumitomo Mitsui Financial Group triggered extreme put signals on all three sessions it appeared in the data. The 52-week high PCR persisted even as the stock gained 6.7% on the week. Japanese bank options were firmly skewed to the downside.
GME — PCR 0.39–0.53, z-score +4.2 to +4.4 GameStop's options market hit its most defensive positioning since January 2021. The PCR appeared in the high-severity list across multiple days. Traders pointed to the July 7 earnings date as a driver of renewed put activity.
IWM — PCR 3.25, z-score +4.15, 52-week high The Russell 2000 ETF saw its put/call ratio hit a 52-week high on Tuesday. Small-cap hedging demand spiked to its most extreme in a year. The signal contrasted with the IVV S&P 500 ETF, which simultaneously hit a 52-week PCR low as large-cap hedges unwound post-FOMC.
European & Japanese financials — persistent bearish skew BBVA, ING, and SMFG each triggered high-severity put signals across multiple sessions. ING's PCR hit 0.808, a 52-week high and z-score of +4.23, even as its short interest fell 46% in a week. The combination of falling short interest and rising put demand suggests a rotation in bearish expression — from short selling to options hedging.
Storage hardware — sharply bullish WDC and STX both saw their PCRs crash to 52-week or multi-month lows. STX's ratio fell to 1.24, 4.3 standard deviations below its 20-day mean of 2.06, on a day the stock gained 9.4%. Call buying dominated both names. The sector stood out as the clearest bullish options signal of the week.
Earnings-driven hedging in tech and media SPOT, SNOW, CVNA, and TAK all showed elevated PCRs with visible links to upcoming earnings dates. TAK's PCR hit 2.09, a 52-week high, four standard deviations above its mean, ahead of a June 24 report. SPOT's ratio reached 1.147, also a 52-week high, with July 21 earnings circled. Pre-earnings hedging was the dominant theme in this cohort.
Crypto-adjacent and speculative names — defensive despite rallies CIFR and GME both saw PCRs spike to multi-standard-deviation extremes while their stocks were gaining sharply. CIFR gained 25% over the week yet its PCR hit 4.2 sigma above mean. Traders were buying protection into momentum, not fading it.
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.
