Bears Load Up on Lulu, Semis Draw Call Bets

Options flow is sending clear signals across US markets on September 5. Bears and bulls are staking out very different positions.

LULU is the standout bearish play. Negative options bets on the apparel brand rank among the highest in the ORTEX screening universe this week. That fits the broader picture: short interest sits at 9.9% of free float. Analysts slashed their targets on the stock this week. The RSI reads just 31.8 — deeply oversold territory. Lululemon is down 52% year-to-date. Options traders appear to be piling on, not bottom-fishing.

CHWY tells a similar story. Short interest is a sky-high 52.3% of free float. The stock is off 28% in 2026. Negative options bets on Chewy are also elevated. With that much short interest and bearish options positioning, any squeeze catalyst could be explosive — but for now, the flow skews protective.

On the bullish side, MU is drawing heavy call attention. Micron is up 256% year-to-date and carries the highest ORTEX stock score in the semiconductor universe at 90.3. Analysts see 49% upside from current levels. Positive options bets rank near the top of the large-cap universe.

NVDA and AMD also sit high on the positive bets screen. AMD has rallied 123% in 2026. Both names see options positioning skew constructive heading into the September jobs data.

The macro backdrop matters. August hiring beat forecasts. That lifts rate-cut expectations for Q4. Defensive put protection looks thinner this week. The money is chasing calls in semis — not hedging with puts.