Options markets flashed divergent signals on Friday. Bulls piled into AI chip plays. Bears went after consumer discretionary names with some of the most bearish options flow seen this week.
AI names draw heavy call volume. NVDA topped Robinhood's most-traded list for the first four months of 2026. Its RSI sits at 76.7. Options chains run all the way out to August 2026. That expiry depth signals traders are positioning well beyond near-term volatility.
GOOGL also drew attention. Analysts flagged AI momentum as its biggest catalyst. RSI hit 74.2. The stock is up 28% year-to-date. Short interest is low. The options market shows traders leaning bullish into the next earnings event.
Bears hammered consumer stocks. LOW (Lowe's) posted a 0% positive options score over seven days — one of the worst readings in the large-cap universe. The stock is down 8.6% YTD. RSI sits at just 38.9. Options flow was entirely bearish this week.
PGR (Progressive) matched that bearish reading. It's off 14% YTD. Options bets were 0% positive over the past week. That's a stark signal from the options market.
DexCom draws activist heat. DXCM announced two new independent directors following engagement with Elliott Investment Management. The stock carries a 44% analyst upside target. RSI is 38.7. Options traders may be watching the activist catalyst closely ahead of Q1 results.
Bullish options bets hit 100% on names including PLD (Prologis) and EPD (Enterprise Products Partners) — signalling strong call-side interest in defensive income names.
This article is not financial advice.
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.
