TECL has already covered the big number — up 73% in a month — but the more interesting question now is whether the market structure behind that move is showing any signs of exhaustion or continuation.
Options positioning has shifted decisively toward call demand. The put/call ratio has eased further to 0.36, now running about 10% below its 20-day average of 0.40. That average itself has been drifting lower for two weeks straight. Back in mid-May, the PCR was running closer to 0.48. The direction of travel is consistent: traders are not hedging this rally — they are chasing it. The 52-week PCR high of 0.76 now looks like a different market entirely. A z-score of -0.77 is not a screaming extreme, but the persistence of below-average put demand through a 73% move is notable in its own right.
The borrow market offers no meaningful short-side story. Availability is running at roughly 412% — more than four shares available to borrow for every one already out on loan — well within normal range, and cost to borrow has more than halved from its late-April peak near 2.3% to under 1% now. Short interest is just 1.2% of float. It briefly spiked to around 1.5 million shares in late April as the broader tech selloff drove tactical hedging through this vehicle. That crowded short position has since been largely cleared, with shares short falling back to near 400,000. The lending market is loose and cheap — there is no squeeze dynamic in play.
The ORTEX short score of 43 is mid-range and rising slightly off a recent low of 34 reached in mid-May. That earlier dip coincided with the sharpest leg of the tech recovery, when short positions were being covered fastest. The modest uptick since then, back toward the low 40s, suggests some traders are beginning to rebuild small tactical shorts into the extended move — but the scale remains minimal. This is a leveraged ETF doing what leveraged ETFs do: attracting momentum buyers on the way up and discouraging meaningful short positioning given the daily reset mechanism.
As a 3x daily leveraged instrument, TECL carries no earnings events or fundamental catalysts of its own. The next material driver is whatever moves the broader technology sector — macro data, AI-related corporate updates, or a shift in rate expectations. The gap between the current PCR near its 52-week low and the year's high of 0.76 is the range to watch: any rotation back toward hedging in options would be the first signal that conviction in this rally is starting to fray.
See the live data behind this article on ORTEX.
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