Chips and Cohen Cash: Options Signals Worth Watching

Macro stress is driving some sharp options divergences. Bond markets rattled markets this week. US 10-year yields climbed while the dollar weakened. That backdrop is shaping where big options bets are landing.

Semis Draw the Largest Negative Flow

NVDA and MU topped the negative bets leaderboard over the past seven days. NVDA carries a $5.3 trillion market cap. Reports confirmed insider selling of $411M in NVDA stock late last week. That kind of supply can dampen call sentiment fast. MU is up a staggering 242% year-to-date. Options players appear to be locking in gains via puts ahead of its Q4 results.

ADBE sits down 28% year-to-date. It also attracted heavy negative options flow this week. With Q3 results due soon, bears are pressing. Its short score reached 37.6. That's elevated but not extreme. The DTC of 1.3 days leaves room for more.

Bulls Concentrated in Defensive Names

The highest positive options sentiment — 100% positive bets — showed up across industrials, transports, and financials. UNP, DHR, and BK all registered maximum positive scores. Rail and custody bank calls are rarely the loudest trade. That shift away from growth names is notable.

GME Squeeze Signal Flickers

GME carries a massive 19.3 days-to-cover. CEO Ryan Cohen bought $20M of stock recently. Short sellers are reducing exposure. RSI hit 69.6. Options traders watching for a volatility spike here should note that availability remains tight. APP is down 52% year-to-date but carries 57% analyst upside. Call activity has picked up there too.

The week's dominant theme: bears loaded up on semis and software. Bulls rotated to industrials and rails. That's a defensive tilt in options flow — matching the broader bond market stress narrative.