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The retreat by short sellers in Solstice Advanced Materials has continued since Tuesday's note, and options positioning has grown even more one-sided. Two days on, both signals are more pronounced.
Short interest now stands at 3.3% of free float, down another leg from the 3.4% reported on Tuesday. The week-on-week decline is 37%, and from the late-August peak of roughly 15 million shares, the position has more than halved. The ORTEX short score sits at 32.4, unchanged in direction.
Availability remains effectively unlimited. Shares available to borrow stand at more than 9,900% of current short interest. There is no borrow scarcity here. The structural story is one of orderly, sustained exit rather than any forced squeeze dynamic.
One wrinkle has appeared. Cost to borrow rose 70% over the past week to 0.44%, up from the 0.27% low reported Tuesday. That is still a very low absolute rate for any stock. But it is worth noting the direction: as fewer short positions remain outstanding, each incremental borrow costs slightly more. The CTB move does not signal stress, it reflects a thinner pool of active borrowers rather than any fresh rush to short.
The put/call ratio dropped further to 0.68 on Thursday, nearly three standard deviations below its 20-day mean of 0.95. On Tuesday, the ratio was 0.77. The direction of travel is consistent and accelerating. Call buying relative to put buying is now at its most aggressive level since at least late August, when the PCR sat above 1.5.
Earnings are scheduled for 30 October. With four weeks to the print, options traders positioning heavily on the call side are doing so across a window that includes the event. The last earnings release, on 30 July, produced a one-day move of 8.1% and a five-day move of 11.7%.
See the live data behind this article on ORTEX.
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