IDGT Options Market Flashes Extreme Bull Signal

Why this matters: Three distinct signals hit IDGT simultaneously. The put/call ratio collapsed to a 52-week low. Short interest surged. The borrow market tightened. Together, they paint a sharp divergence between options bulls and short sellers.

Options Positioning at an Extreme

The standout here is the options market. IDGT's put/call ratio dropped to 0.17 on September 21. That is near the 52-week low of 0.15. The 20-day average PCR sits at 0.83. The z-score on that move is –4.3 — a statistically rare shift into call-heavy territory. For context, the PCR was above 0.84 every single day for the prior three weeks. Something changed sharply on Monday.

That swing suggests options traders are positioning aggressively for upside. The ETF itself is up 4.5% over the past week and 3.1% on Monday alone.

Short Sellers Push Back

Not everyone agrees. Short interest in IDGT rose 66% over the past week. It now stands at 2.6% of free float, up from well under 1% a month ago. The one-month change is 368%.

At 2.6% of float, the absolute short position remains modest. But the velocity matters. Shares short went from roughly 8,700 in mid-August to over 40,700 today.

Corroborating Context

The borrow market reflects that demand. Cost to borrow hit 4.61% — up 116% week-on-week. A month ago, CTB was in a similar range, so this represents a sharp dip and recovery rather than a new record.

Availability stands at 213%. That means roughly two shares are available for every one currently borrowed. The borrow market is tighter than a month ago — availability has fallen 64% in a week — but it is not yet stressed. The 52-week low availability reached 7.7%, so there is room to tighten further if short demand continues.

The ORTEX short score sits at 49, roughly mid-range. It spiked briefly on September 16 before recovering. No single factor is flashing extreme on the short side.

Institutional ownership is concentrated. Merrill Lynch holds 26.9% of reported shares. MML Investors Services holds 23.3%. Both significantly increased positions as of the last June 30 filing.

Data Summary

• PCR: 0.17, z-score –4.3 vs. 20-day mean of 0.83 — near 52-week low of 0.15
• SI % FF: 2.6%, up 66% week-on-week and 368% month-on-month
• Cost to borrow: 4.61%, up 116% week-on-week
• Availability: 213% — tightened 64% in one week; 52-week low is 7.7%
• Price: $117.74, up 4.5% on the week
• Short score: 49.0, near the middle of the range

What to watch: Whether options positioning holds near PCR lows, and whether short interest continues climbing toward levels that would stress the borrow pool.