Earnings Week Puts $5 Trillion in Play

Options markets are sending mixed signals ahead of the busiest earnings stretch of the year. More than $5 trillion in combined market cap reports results this week, and the derivatives flow is far from one-directional.

META sits at the most unusual crossroads. Analysts see 31% upside from current levels. Yet the stock carries the fourth-largest negative options bets of the past seven days among large-caps. Its RSI has fallen to 35.7, approaching oversold territory. The stock is down 2.65% year-to-date, and traders are using puts to hedge into the Q3 print rather than leaning into the analyst consensus.

MU (Micron Technology) shows the heaviest combined options flow of any stock on the screen. It tops both the positive and negative bets leaderboard, a sign of maximum uncertainty. The stock is up 207% year-to-date but RSI sits at 38. Options traders are not yet calling a top or a floor.

CRWV (CoreWeave) is attracting directional bearish interest. Its short score sits at 67, RSI is 25.75, and it has fallen 24% year-to-date. An ORTEX headline today flagged bears piling into the name. With 3.5 days to cover, any sharp put-driven selling could intensify quickly.

TSLA appears on both sides of the flow ledger. US plug-in vehicle registrations hit a four-year July low at 21,482, according to ORTEX Alt Data, well below the prior low of 25,394 set in 2022. That fundamental pressure may be shaping the split options positioning, with neither bulls nor bears willing to commit fully.

On the bullish side, ICE (Intercontinental Exchange) registered 100% positive options flow over the past week. MBG (Mercedes-Benz) reports Tuesday. ORTEX Alt Data shows Dutch car registrations, a confirmed leading indicator for Mercedes revenue, running 6% below the same quarter a year ago across all three months of the period.