Chips and Bears: Options Signals Flashing Tuesday

Semiconductors dominate unusual options flow this Tuesday, with the most active negative-bet volumes clustering in the chip sector as RSI readings push into deeply oversold territory across several names.

Micron Technology tops the negative options bets table this week. The stock is up 192% year-to-date yet carries an RSI of 37. Options traders have loaded up across a dense expiry ladder, with contracts running from tomorrow through January 2027. That breadth of hedging activity is unusual and points to near-term uncertainty around the memory cycle.

SanDisk sits alongside it in the negative-flow rankings. The stock has surged 353% year-to-date. The RSI has dropped to 30, deep in oversold territory. Options are active out to January 2027. The gap between that extraordinary price gain and current put pressure is sharp.

Intel carries the most extreme RSI reading in the group: 22.95. The chip giant is up 63% year-to-date but options flow has turned negative. Analysts still see 57% upside from here, which makes the bearish positioning stand out.

On the other side of the ledger, Amgen scores the highest options sentiment of the week among large caps. Its RSI sits at 71, technically overbought. The biotech is up 42% year-to-date. Call flow has led put flow over the past seven days.

Separately, Blackstone Mortgage Trust is drawing attention in the short market. Short interest jumped 27% in one week to 8.3% of free float, a multi-month high. Options on BXMT run only to January 2027, limiting the hedging toolkit, but the short surge alone is worth watching.

SPY carries the widest expiry calendar in the market, with contracts expiring on each business day this week. That density reflects broad macro hedging ahead of further clarity on oil prices and Middle East diplomacy, both of which are driving headline flow today.