Bears Eye Memory Chips, Distressed Names

Options flow on August 1 tells a split story. Bearish bets dominate in memory hardware. Bullish money is also landing in the same sector — a sign of high conviction on both sides.

Sandisk tops the negative options bets table over the past week. The stock is up 412% year-to-date, making it a prime target for those betting the rally is overdone. Micron Technology ranks first for both bullish and bearish bets. That dual signal points to a classic pre-earnings positioning squeeze. Micron's ORTEX stock score sits at 97 out of 100, yet its RSI of 43 tells a more cautious technical story.

Earnings season is driving most of the noise. Hertz Global Holdings carries an ORTEX short score of 77. The stock is down 69% year-to-date. Options traders are pricing in further pain. Days-to-cover stands at 13.5 — that's a very crowded short.

Chewy draws attention too. Bears have pressed it hard this week. Its short score is nearly 60. The stock has lost 32% in 2026.

On the biotech front, Regeneron Pharmaceuticals has an RSI of 78. That's near overbought territory. Its Q2 earnings call is scheduled. Option positioning around those results will be key.

Tesla sits at an RSI of 31.7. Down 31% year-to-date. It draws some of the market's highest negative options bets. Bears remain active even at these depressed levels.

This article is not financial advice.