Tesla Earnings Day Drives Options Surge

TSLA reports Q3 results today. Options activity around the print is the day's defining story.

German car registrations, a dataset ORTEX measures as a leading indicator for Tesla revenue, are running 269% above the same quarter last year. Three months of data confirm the direction. That kind of real-economy signal typically feeds bullish call positioning ahead of a print, and the stock's RSI of 53.7 suggests neither extreme yet.

Chip names are the other flashpoint. NVDA sits with an RSI of just 40.9. Headlines show "chip stock rebound fails" as the latest session closed lower. ORTEX negative options bets for the seven-day window are highest for Micron and NVDA among large-cap semiconductors. AMD, with an RSI of 39.8 and a 150% year-to-date gain before the recent retreat, shows similar defensive positioning.

CoreWeave leads the short interest builds today according to ORTEX data. Its short score stands at 65.2 and its RSI at 30.8. That combination often attracts protective puts.

On the bullish side, Union Pacific and Cintas both show 100% positive options flow over the past seven days. These are not typical meme names. The signal here points to quiet, institutional call buying in defensive industrials.

The macro backdrop sharpens the picture. UK CPI has risen for three straight months to 3.5%. That keeps rate-cut timelines in doubt. Elevated bond yields pressure high-multiple tech, which is where most of the bearish options pressure is concentrated today.