Sentiment read — The week of May 11 delivered a cluster of 4-sigma options moves across a wide range of sectors. Bearish extremes dominated the headlines, but several names showed equally aggressive call buying. The divergence between put-heavy and call-heavy positioning was sharp, suggesting markets are not aligned on direction.
CVNA — PCR 8.58 | +4.3σ | 52-week high
Carvana's put/call ratio hit 8.58 on May 11. That is the highest reading in a full year. It sits 4.3 standard deviations above the 20-day mean of 1.32. Options traders were paying heavily for downside protection. The reading signals extreme fear in the options market for the used-car platform.
FMX — PCR 23.89 | ~11x 20-day average
Fomento Económico Mexicano produced the most extreme single reading of the week. Its put/call ratio of 23.89 is nearly 11 times the 20-day average of 2.19. ORTEX flagged this as the most extreme options sentiment in the stock's history. That level of put-buying is rare by any measure.
GEHC — PCR 2.22 | +4.3σ | 52-week high
GE HealthCare's ratio hit 2.22, a 52-week high and 4.3 standard deviations above its 20-day mean of 0.95. The move came alongside analyst price-target cuts. Put buyers moved aggressively into the name as sentiment deteriorated.
IBP — PCR 5.08 | 52-week high
Installed Building Products drew a put/call ratio of 5.08, its highest in a year. The stock was already down 29% over the prior month. Options traders piled into further downside bets. No relief buying was visible in the data.
VICI — PCR 0.36 | −4σ | 52-week low
VICI Properties moved in the opposite direction. Its put/call ratio dropped to 0.36, 4 standard deviations below the 20-day mean of 0.60. Call buying dominated. The gaming REIT drew aggressive bullish positioning.
EYE — PCR 0.51 | −4σ
National Vision's ratio fell to 0.51, 4 standard deviations below its 20-day mean of 0.94. The stock dropped 19% in a single session. Despite — or because of — that crash, traders flooded into calls. The move suggests some players were positioning for a bounce.
HST — PCR 2.59 | +4.2σ | 52-week high
Host Hotels & Resorts saw its put/call ratio hit 2.59, the highest in a year. The reading sits 4.2 standard deviations above the 20-day mean of 1.02. The hotel REIT had earnings due May 20. Put buyers moved in ahead of the report.
TAK — PCR 2.14 then 2.09 | 52-week high (two sessions)
Takeda Pharmaceutical triggered high-severity options alerts on back-to-back days, May 14 and May 15. Both readings hit 52-week highs. The repeat signal reinforces a clear defensive shift in pharma options markets around the name.
HYDR — PCR 0.1039 | +4σ
The hydrogen ETF saw its put/call ratio spike to 0.1039, 4 standard deviations above its 20-day mean of 0.0531. The fund had rallied 62.9% over the prior month. Call buyers remained aggressive despite the extended run-up.
REITs: Hedging Ahead of Earnings
Two REIT names — HST and VICI — registered 4-sigma moves in opposite directions. HST attracted heavy put buying before its May 20 earnings. VICI drew the opposite: extreme call buying. The divergence suggests REIT investors are not moving as a single bloc. Earnings positioning drove both moves.
Healthcare and Pharma: Persistent Bearish Pressure
GEHC and TAK both recorded 52-week highs in put/call ratios. GEHC moved on analyst target cuts. TAK triggered alerts two days running. The pattern points to sustained defensive positioning across healthcare names, not a one-day reaction.
Housing and Construction: Puts Accumulating
IBP and VMC both logged elevated put/call ratios. IBP's reading was a 52-week extreme. Vulcan Materials hit its own 52-week high in the ratio on May 15. With the housing-adjacent names already under price pressure, options traders continued to add downside exposure rather than fade the weakness.
Earnings-Driven Calls: Biotech and Small Caps
Several smaller names — including MVIS, AUTL, RVYL, and TELA — saw call ratios spike to extremes ahead of earnings. These were not defensive moves. Traders were buying calls with earnings as the catalyst. The pattern was consistent across names with confirmed report dates inside the week.
ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
