Bears Circle Before the Bell

Options traders are raising defenses across several high-profile names this Friday, with put-heavy positioning ahead of key earnings prints.

GME tops the signals list. Options defensiveness is deepening ahead of an investor call, per ORTEX data. Short interest sits at 13.3% of free float. The June 12 and June 18 expiries are the most active. Traders are clearly bracing for a move.

CRWV carries the heaviest short burden. Short interest is 17.8% of free float. CEO share sales ahead of the June 8 earnings print have rattled sentiment. Options expiries cluster tightly around that date. Availability stands at 567% of short interest — bears have plenty of room to reload.

BBAI is the starkest read. Short interest is 26.5% of free float. Availability has collapsed to just 2.3% — borrow is nearly gone. Cost to borrow is 2.47%. Bears are firmly in control with earnings approaching.

CME tells the opposite story. Options are turning bullish ahead of its Q2 print. Short interest is a negligible 1.3%. The exchange operator looks well-positioned into results.

The pattern today is clear. Earnings catalysts are driving options positioning, not broad macro fear. Selective puts, not panic — that is the signal.