The S&P 500 hit a new record on May 29. But the breadth was terrible — 8 of 11 sectors fell on the day. A handful of mega-cap names carried the entire index higher. NVDA sits at the centre of options activity. It holds 26 active expiry dates running through September. Its ORTEX stock score hit 82.6 — its highest in a month. Momentum jumped from 49 to 58 after May 21.
Barclays made the boldest call of the week. Analyst Tim Long lifted his NTAP price target from $120 to $199 — a 66% jump — while keeping a Buy rating. That sits well above the street consensus of $163. WMT also picked up a target increase from Tigress Financial, raised to $155 from $150. OKTA got a Macquarie target raise to $120, with near-term options activity clustering at June 5 and June 18 expiries.
Bears are piling into distressed names. Wolfspeed short interest hit 131% of free float. Zero shares remain available to borrow. climbed to 61% SI % FF in one week. saw its short interest jump nearly 5x to 12.9% of FF.
On insiders, CoreWeave saw over $1 billion in filed sales this month. Magnetar Financial alone filed $980 million in exits. CVS Health saw a board-linked fund file $326 million in sales.
Earnings pick up Tuesday. Ulta Beauty and Dollar General both report June 2. Medtronic follows June 3. Options traders are already building positions around near-term expiries across mega-cap names — a sign the market expects volatility ahead.
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.
