Earnings Week Puts Bite Into Options Market

Earnings-driven hedging dominated options flows on Sunday November 1, with several names drawing attention ahead of a packed reporting calendar.

Amgen heads into its Q3 results carrying a short score of 36 and an RSI of 71. Its nearest options expiry falls November 6, the day results are due. The stock is up 42% year-to-date. Analysts sit 14.7% below the current price on consensus targets, which is a rare bearish overhang for a name this far in the money. That gap makes pre-earnings put activity worth watching.

Reddit stands out for a different reason. The RSI has collapsed to 17, one of the lowest readings in the US market. The stock is down 60% year-to-date. Short score sits at 59, and days-to-cover runs above four. With Q3 results pending and analysts pointing to 83% upside to their targets, the options market faces a sharp split between put-heavy positioning and a potential snap-back trade.

Coinbase carries a short score of 51 and is off 37% for the year. Its RSI of 32 sits close to oversold territory. The stock reports Q3 results imminently. Analysts see 44% upside to consensus targets, a wide gap that tends to attract call buyers ahead of prints.

Upstart Holdings shows the most extreme short positioning of the group. Days-to-cover stands at nearly eight. ORTEX's India registration data, which tracks a leading indicator for auto-lending volumes globally, ran 82% below year-ago levels in October. That is a soft macro read for consumer credit names ahead of Upstart's own print.

Across the week, the busiest expiry cluster for most names falls November 6 and November 13, concentrating risk into a tight window as autos and biotech results land simultaneously.