Luxury retailers are in the spotlight today, after Tiffany & Co. (NYSE:TIF) announced disappointing holiday sales. However, sector peers Coach Inc (NYSE:COH) and Michael Kors Holdings Ltd (NYSE:KORS) seem to be fazed by neither TIF's lackluster data nor some bearish analyst attention, with both stocks notably higher. What's more, while COH and KORS have both underperformed the broader equities market in recent weeks, near-term option traders and analysts have starkly different opinions on the two stocks.

First up, COH is trading 2.8% higher at $36.07 so far today, in spite of a price-target cut to $31 from $32 by Goldman Sachs. But while the stock is set to overtake its 10- and 20-day moving averages for the first time since early December, it's still down 17% since its July peak, with recent rally attempts blocked by its 200-day moving average.  

COH options are crossing the line at twice their average daily volume, with puts outnumbering calls 2,641 to 1,902. Specifically, COH's most active option is its February 34 put, which has seen possible sell-to-open action. If speculators are writing the puts to open, they're expecting COH to remain atop the $34 level through the close on Friday, Feb. 17, when the options expire -- which encompasses Coach's expected earnings release at the end of the month. COH hasn't traded below $34 since February 2016.

Widening the scope, today's preference for near-term puts isn't out of the ordinary. COH's Schaeffer's put/call open interest ratio (SOIR) of 1.30 is higher than 97% of all other readings from the past year, indicating near-term option players have rarely been more put-biased. In addition, COH's front-month gamma-weighed SOIR of 2.19 indicates put open interest more than doubles call open interest among near-the-money, front-month options, set to expire this Friday. Despite this put skew, the most added option during the past two weeks of trading is the weekly 2/10 36-strike call, the buyers of which are betting on near-term upside -- or perhaps a post-earnings win -- for the retail stock.

Taking a step back, analysts remain in Coach Inc's (NYSE:COH) bullish corner, despite the stock's struggles of late. Fourteen of 21 brokerage firms weighing in rate the shares a "strong buy," with only one "sell" or worse recommendation to be seen.

Elsewhere, KORS is trading 3.8% higher at $43.98. Like COH, the retailer is blowing off a price-target cut to $51 from $52 by Goldman Sachs, with the shares on pace to close above their 10- and 20-day moving averages for the first time since early December. Still, the security has shed more than 16.5% since its early November peak, breaking south of support in the $46 area.

Drilling down, KORS' SOIR of 0.46 sits at an annual low, indicating near-term option players haven't been more call-skewed at any other point in the last 12 months. Widening the lens, KORS 50-day call/put volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) shows 7.70 calls bought to open for every put over the last 10 weeks, a reading that sits just 6 percentage points from an annual peak. Perhaps buyers are betting on an earnings win for KORS in the near term.

Unlike COH, KORS isn't beloved among analysts, with just two of 18 offering up a "buy" or better endorsement. However, not everyone is in Michael Kors Holdings Ltd's (NYSE:KORS) corner. Short interest is up 7% over the last two reporting periods, and now accounts for 8.5% of the stock's float. It would take traders 6.4 days to cover these positions, given KORS' average daily volume. Against this backdrop, perhaps some of the recent call buyers -- particularly at out-of-the-money strikes -- are shorts seeking an options hedge against an earnings win for KORS.

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CBOE Volatility Index (VIX) call options have been flying off the shelves, leading to speculation that investors are bracing for a massive stock sell-off, as these vehicles are commonly used to hedge long equity positions. According to Trade-Alert, Friday marked the fourth straight day of noteworthy action in out-of-the-money (OOTM) VIX calls, with traders homing in on the deep OOTM February 21 strike -- which expires on Wednesday, Feb. 15.

The expiration date is notable, as it follows a pair of highly anticipated events, either of which could spark a surge in volatility. For one, President-elect Donald Trump's inauguration is scheduled for this Friday; for another, the Fed's two-day policy meeting kicks off on Tuesday, Jan. 31. Although a rate hike is considered unlikely, Wall Street will be scouring the central bank's post-meeting announcement for hints of a potential interest rate hike in March, which could trigger a spike in the VIX.

Other factors are likely fueling the rush for calls, too, according to Schaeffer's Senior V.P. of Research Todd Salamone. "With February VIX futures recently hitting their lowest level since mid-December, volatility speculators and those using VIX options as portfolio insurance may see this as an opportune time to bet for or hedge against a pop in volatility," Salamone explains. "Earnings reporting season is about to get into high gear, the inauguration is scheduled for the end of this week, 'Brexit' headlines are returning, and another Federal Open Market Committee (FOMC) meeting between January VIX expiration and February VIX expiration is on the calendar, which may be enough to make VIX call options attractive."

Speaking more broadly about the bias toward calls on the market's "fear gauge," the VIX sports a top-heavy 20-day call/put volume ratio of 4.19 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). Moreover, last Thursday, this reading clocked in even higher, at 4.78, its loftiest level since early November, per the chart below (courtesy of Schaeffer's Quantitative Analyst Chris Prybal):

It's more of the same today. With call open interest already docked in the 93rd annual percentile -- versus puts, which are in the middling 47th percentile -- calls are changing hands at twice the usual intraday rate. The deep OOTM February 17 call occupies the top position, while the third most active strike is the February 22 call. At last check, February VIX futures were 0.4 point lower at 14.20.

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U.S. stocks are struggling amid "Brexit" and pre-inauguration Trump headlines. Among specific equities in focus today are Fisher-Price parent Mattel, Inc. (NASDAQ:MAT), hospital operator Tenet Healthcare Corp (NYSE:THC), and oil stock Sanchez Energy Corp (NYSE:SN). Here's a quick look at what's moving MAT, THC, and SN.

• MAT is 5.2% higher at $31.06, after the company named Margaret Georgiadis, formerly Google's president of Americas, its next CEO. Now, the stock is perched above its 100-day trendline -- a consistent level of resistance in recent months -- for the first time since late November. In the options pits, bullish betting has really picked up in recent months. Mattel, Inc. sports a 50-day call/put volume ratio of 4.01 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) -- just 3 percentage points from a 52-week high.

• THC has tacked on 4.3% to trade at $19.01, as hospital stocks rally on President-elect Donald Trump's expressed desire for "insurance for everybody" -- even after the potential repeal of Obamacare. According to brokerage firm Baird, Trump's remark has investors sensing there will be a "softer landing" for the sector than originally anticipated. That said, Tenet Healthcare Corp has still lost more than one-fifth of its value on a year-over-year basis. Not to mention, short sellers have been piling on. Over 19% of THC's float is sold short, which would take nearly seven sessions to cover, at the stock's average trading rate.

• SN has boomed 18.5% to trade at $13.32, and is fresh off an annual high of $13.68. Catalyzing the shares is a raft of bullish brokerage attention, after the energy firm announced on Friday plans to buy Anadarko Petroleum Corporation's (NYSE:APC) Eagleford Shale assets. Specifically, Canaccord Genuity, Northland Capital, and Credit Suisse each raised their price targets on Sanchez Energy Corp. More upbeat analyst notes could be right around the corner, too, as two-thirds of the brokerage firms tracking SN have dubbed it a lukewarm "hold."

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The iShares 20+ Year Treasury Bond ETF (TLT) sold off in the wake of Donald Trump's surprising win in the early November U.S. presidential election. However, since bottoming in the $116-$117 neighborhood after the Fed raised interest rates in mid-December, the exchange-traded fund (ETF) -- which mirrors the price action in U.S. Treasury bonds with a maturity of at least 20 years -- reversed course, bouncing near the site of its June/July 2015 lows. And while TLT is up more than 2.6% in 2017 to trade at $122.27, pessimism toward the ETF has been growing, suggesting the shares' recent rebound could have room to run.

Taking a closer look at TLT's technical backdrop shows the ETF is now trading north of its 20-day moving average. More recently, the shares overtook their 50-day moving average -- a trendline that served as a ceiling during a late-September rally attempt. Moreover, according to Schaeffer's Senior V.P. of Research Todd Salamone, TLT's mid-December bottom held north of $114.90, which is 0.8 times the July 2016 all-time peak at $143.62.

Despite this show of short-term strength, skepticism toward bonds has been ramping up. For starters, BofA-Merrill Lynch recently showed its highest five-week outflow in bond funds in the past 15 years, according to Schaeffer's Senior Equity Analyst Joe Bell, CMT. Plus, per ETF.com, net outflows on TLT hit $1 billion from the post-election Nov. 11-Dec. 31 period.

This pessimism is seen in the most recent Commitment of Traders (CoT) report, too, which showed a record-breaking net short position on the 10-year Treasury note. Additionally, short interest on TLT has ballooned more than 82% since hitting a roughly seven-year low in April. Such elevated levels of bearish betting, combined with TLT's recent bounce, may explain why call open interest recently pulled ahead of put open interest on the ETF for the first time since late June.

As of Friday's close, 913,161 calls were currently open on TLT, in the 96th percentile of its annual range, compared to 734,660 puts, in the middling 48th percentile of its 12-month range. And with peak call open interest of 110,854 contracts docked at the out-of-the-money February 126 strike -- due to massive bets placed in late December -- it's likely some of these shorted players have been looking to hedge their bearish bond bets via long call purchases.

Nevertheless, it's likely that put options will have a bigger impact on TLT's near-term price action, versus calls. Specifically, the underfoot 120 and 122 strikes are home to roughly 60,000 contracts collectively outstanding in the standard monthly January series. This could provide an options-related foothold for TLT, as the hedges related to these bearish bets unwind over the next week.

Meanwhile, now appears to be an opportune time to purchase premium on TLT's near-term options, with both Bell and Salamone noting that implied volatility on the ETF has declined since its early November/early December peaks. In fact, TLT's Schaeffer's Volatility Index (SVI) of 13% ranks lower than 78% of all comparable readings taken in the past year -- meaning low volatility expectations are currently being priced into the iShares 20+ Year Treasury Bond ETF (TLT) short-term options.

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The 20 stocks listed in the table below have attracted the highest total options volume among mid-cap names during the past 10 trading days. Names highlighted are new to the list since the last time the study was run, and data is courtesy of Schaeffer's Senior Quantitative Analyst Rocky White. Two names of notable interest are retail stocks GameStop Corp. (NYSE:GME) and J C Penney Company Inc (NYSE:JCP). Here's a closer look at how options traders are lining up on GME and JCP.

GME sold off on Friday after the company revealed lackluster holiday sales -- the type of move options traders were betting on. Specifically, the stock's 10-day put/call volume ratio of 5.32 on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks just 2 percentage points from a 12-month high. On a similar note, GME has a Schaeffer's put/call open interest ratio (SOIR) of 1.91. By itself, this SOIR shows put open interest roughly doubles call open interest among options expiring within three months, yet it also ranks in the top quartile of its annual range, signaling such a put-skew is uncommon. 

On a closer look, the front-month January options series -- which expires this Friday -- dominated the action during the past two weeks. The biggest open interest jump occurred at the January 25 put, with the January 23 put close behind. However, while most of the 23-strike puts appear to have been bought to open, data from the major options exchanges shows mostly sell-to-open activity at the January 25 put, meaning these traders were actually betting on GME holding above $25 through this week. 

In today's trading, GameStop Corp. (NYSE:GME) shares are paring some of Friday's losses, up 2.5% at $22.29, despite a round of price-target cuts. Specifically, Ascendiant Capital, Mizuho, and Wedbush all lowered their price targets on GME, though the latter reiterated an "outperform" rating, and said the company could benefit from the debut of Nintendo Switch. Should GME continue to struggle, more analysts could abandon the bulls' camp. For instance, eight of 13 analysts recommend buying the shares, even though they're down 34% from their annual high of $33.72 from April. 

Turning to JCP, the stock is up 2.8% today at $6.95, on news the company is opening Nike Inc (NYSE:NKE) shops inside more than 600 of its stores. Even with today's gains, though, the stock has dropped over 35% since its December high, and last week came dangerously close to new-low territory, also falling victim to weak holiday sales. 

At the ISE, CBOE, and PHLX, long JCP calls have edged out long puts during the past two weeks. During this time, the February 8 call saw the largest open interest increase, with data from the major exchanges confirming substantial buy-to-open activity at the strike. As such, options traders are betting on the stock taking back the formerly supportive $8 level before the contracts expire on Friday, Feb. 17. 

As of Friday's close, J C Penney Company Inc (NYSE:JCP) shares sported a 14-day Relative Strength Index (RSI) of 22, meaning they've been badly oversold and may have been due for a bounce. The stock will have to fly in the face of skepticism, though; JCP short interest increased by almost 18% during the last reporting period alone, and now accounts for more than 24% of the stock's total available float. 

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Despite a down day for the broader stock market, Wal-Mart Stores Inc (NYSE:WMT) is keeping its head above water -- last seen trading up 1.9% at $68.42, the leader among Dow stocks. Earlier, the retailer said it would create roughly 10,000 new U.S. jobs as part of a bigger effort by Donald Trump, a move that was applauded by the president-elect via his Twitter account. WMT options traders are getting in on the action, too, with volume running at two times what's typically seen at this point in the day -- although most of the activity has occurred on the put side.

By the numbers, 38,650 WMT puts have changed hands so far, compared to 19,984 calls. Most active is the stock's February 65 and 67.50 puts, which may have been used to initiate a ratio spread. Specifically, it looks like one trader may have sold to open 7,400 February 65 puts and bought to open 3,700 February 67.50 puts. If this is the case, the speculator expects WMT to retreat below $67.50 -- but find a floor near $65 -- over the next five weeks.

Widening the sentiment scope reveals today's put-skewed session is just more of the same in WMT's options pits. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the stock's 10-day put/call volume ratio of 2.14 ranks in the 88th annual percentile. In other words, puts have been bought to open over calls at a faster-than-usual clip.

In fact, total put open interest of 344,337 contracts is docked in the 98th percentile of its 12-month range, compared to 305,382 calls -- in the middling 45th annual percentile. Among near-term contracts, WMT's Schaeffer's put/call open interest ratio (SOIR) of 1.02 ranks higher than 98% of all comparable readings taken in the past year. Said simply, short-term speculators have rarely been as put-heavy toward WMT as they are now.

Drilling down on the front-month series, peak put open interest is located at the January 2017 65 strike, with 23,764 contracts outstanding. This could create an options-related floor for WMT through week's end, as the hedges related to these bets are unwound ahead of Friday's expiration.

Technically, WMT has struggled since topping out at an annual high of $75.19 in late August, down 9%. Nevertheless, although the shares are staring down historical headwinds, they have once again bounced from the $67.50 mark. This level supported a mid-October pullback, and stands at a 61.8% Fibonacci retracement of Wal-Mart Stores Inc's (NYSE:WMT) May-to-August rally.

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Analysts are weighing in on blue-chip media stock Walt Disney Co (NYSE:DIS), streaming stock Netflix, Inc. (NASDAQ:NFLX), and oil-and-gas company Noble Energy, Inc. (NYSE:NBL). Here's a quick look at today's bullish brokerage notes on DIS, NFLX, and NBL. 

• DIS is up 0.6% at $108.70, after an upgrade to "buy" from "neutral" by Goldman Sachs, which also raised its price target to $134 from $109 -- in all-time high territory -- citing new park attractions, tax reform benefits, and a 2018 film schedule that "might be its best ever." DIS shares have enjoyed the support of their 10- and 20-day moving averages over the past few months, as the blue-chip media stock has added more than 20% from its October lows. Elsewhere, option bulls have been hitting the stock harder than usual, with Walt Disney Co's 10-day call/put volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) showing 2.27 calls bought to open for every put during the last two weeks. This ratio registers in the 81st percentile of its annual range, pointing to a healthier-than-usual appetite for long DIS calls over puts.
  
  
• NFLX is 0.2% higher at $134 -- and just off a new all-time high of $135.40 -- after a round of bullish analyst attention. Mizuho raised its rating to "buy" from "neutral" and issued a price-target hike to $152 from $112, while Goldman Sachs also raised its price target to $155. Set to report earnings tomorrow night, NFLX is up by more than 67% since its February lows, helped by a post-earnings bull gap in October. Near-term option players are more put-skewed than usual, though, with Netflix, Inc.'s Schaeffer's put/call open interest ratio (SOIR) of 1.12 sitting at an annual high.
  
  
• NBL is trading 4.2% higher at $38.97, after announcing it has entered into a deal to purchase Clayton Williams Energy, Inc. (NYSE:CWEI) for $2.7 billion. NBL has since received positive attention from several analysts, including an upgrade to "neutral" from "sell" at Seaport Global Securities, which also lifted its price target to $36 from $33. In addition, Jefferies and Wunderlich raised their price targets to $46 and $52, respectively. NBL is up more than 70% since hitting a seven-year low last January, and is on pace to take out both its 10- and 20-day trendlines for the first time since early December. With 2.96 puts bought to open for every call at the ISE/CBOE/PHLX over the last 10 weeks, however -- in the 80th percentile of its annual range -- it looks like Noble Energy, Inc. option players have been more bearish than usual.

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U.S. stocks are trading lower this morning, ahead of Friday's inauguration of President-elect Donald Trump. Among specific equities in the spotlight are bank stock Morgan Stanley (NYSE:MS), healthcare giant UnitedHealth Group Inc (NYSE:UNH), and biotech Forward Pharma A/S (NASDAQ:FWP). Here's a quick look at what's driving MS, UNH, and FWP.

• MS is 2.2% lower at $42.85, as a broader stock-market decline overshadows the company's better-than-expected fourth-quarter earnings report. Still, a number of analysts remain hesitant to upgrade the outperforming bank stock, which has added over 65% in the past 12 months. Specifically, eight of 17 brokerage firms still consider it just a "hold." Morgan Stanley touched an eight-year high of $44.60 on Friday, and a round of bullish analyst attention could have the shares topping this mark in the near future. 
  
  
• UNH is also lower despite the company's strong quarterly results, with the shares down 1.4% at $159.56. This still leaves the stock over 46% higher on a year-over-year basis, with UnitedHealth Group Inc hitting an all-time high just last month. Options traders have taken a bullish approach at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). The stock has a 10-day call/put volume ratio of 1.56 across these exchanges, which tops 89% of the past year's readings. In other words, calls have been bought to open over puts at a faster-than-usual clip.

• FWP is blowing up this morning, last seen 56.5% higher at $28.72 -- touching an annual high of $30.00 along the way -- after Biogen Inc (NASDAQ:BIIB) agreed to pay the company almost $1.3 billion to license all of its intellectual property. As such, the stock has now doubled since basing near $15 back in mid-December, and the shares could continue to rally if short sellers begin to throw in the towel. Specifically, almost three weeks' of buying power is controlled by these bearish bettors, going by Forward Pharma A/S' average trading volume. 

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Banks have dominated the start of earnings season, and won't be slowing down any time soon. This morning, in fact, Morgan Stanley (NYSE:MS) reported an earnings beat -- but, so far, the financial stock has failed to capitalize on the upbeat news. Looking ahead to Wednesday, both Citigroup Inc (NYSE:C) and Goldman Sachs Group Inc (NYSE:GS) will step into the confessional bright and early.

Starting with C, put buying has really picked up in recent weeks at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). The stock's 10-day put/call volume ratio of 0.69 ranks just 14 percentage points from an annual peak. Plus, put open interest registers in the 96th percentile of its 12-month range.

That's not to say all these puts are bearish in nature. Despite being down 1.8% at $58.43, C stock is just a chip-shot from its post-financial crisis high of $61.63, notched on Jan. 4. So, it's possible traders could be scooping up puts -- especially at out-of-the-money strikes -- to hedge their long stock positions ahead of earnings.

Speaking of earnings, Citigroup Inc shares have tended to make modest moves in recent quarters. Following the bank's last three reports, the stock hasn't swung more than 0.3% in either direction, in the ensuing session. However, it still looks like a good time to purchase premium on C. The stock's Schaeffer's Volatility Index (SVI) of 25% ranks in the low 17th annual percentile -- hinting at muted short-term volatility expectations -- while its Schaeffer's Volatility Scorecard (SVS) of 84 suggests the shares have historically been more volatile than the options market has priced in.

GS, meanwhile, has made some bolder single-session post-earnings moves of late, with four of the last five exceeding 2% in either direction. As with its sector peer, though, puts have been flying off the shelves ahead of tomorrow's earnings event. Put open interest checks in higher than 94% of comparable readings from the past year. In addition, the stock's 50-day ISE/CBOE/PHLX put/call volume ratio of 0.69 sits only 4 percentage points from a 52-week peak -- which, as explained earlier, could be the work of either bearish speculators or shareholders hedging.

As with Citigroup, now appears to be an opportune time to purchase premium on GS options. The stock's SVI of 26% is near the bottom quartile of its annual range. Likewise, GS sports an SVS of 80.

On the charts, GS has been explosive of late. Since the U.S. presidential election, the bank shares have surged over 32% to trade at $240.60, despite being down 1.5% today. Not to mention, the stock isn't far from its nine-year high of $247.77, touched last week.

Analysts have been slow to climb aboard the bullish bandwagon, however. Specifically, Goldman Sachs Group Inc has received just 50% "buy" or better ratings from the 18 brokerage firms with coverage. That said, the tide may be starting to turn. Over the weekend, Barron's waxed optimistic on the shares (subscription required), explaining "Goldman stands to profit from a rebounding economy, which would bolster its trading business, and from rising interest rates, which could help its lending spreads."

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It was a good year for the VanEck Vectors Oil Services ETF (OIH) in 2016. The exchange-traded fund (ETF) added more than 26%, even as net outflows exceeded $119 million for the calendar year (per etf.com). OIH's most impressive gains came in the eleventh hour, with the fund finally hurdling above the $30 region in December -- the round-number area that plays host to several key price points, including: OIH's all-time half-high ($29); a 23.6% Fibonacci retracement of the July 2014 peak to the January 2016 low ($29.32); and the 20% year-to-date return for 2016 ($31.74).

From its Sept. 27 near-term low of $26.10 to the time of this writing, OIH's rise has been supported by net inflows to the tune of $214.23 million. Narrowing our focus to more recent weeks, however, the fund has registered net outflows of $78.62 million from its Dec. 12 near-term high of $36.35, and OIH shares have spent the majority of 2017 so far sandwiched in a tight channel between $34 and $35.

Meanwhile, total put open interest on OIH has ballooned to 226,183 contracts -- an accumulation that falls just shy of the current 52-week high of 243,917, per Trade-Alert, with the current total arriving in the 99th annual percentile. The number of OIH puts in open interest nearly doubles that of calls, with current call open interest on the fund arriving at 114,037, in the very average 48th percentile of its annual range.

But it would be inaccurate to point to this recent surge in put open interest as a clear sign of rising investor anxiety toward OIH. As of Friday morning, 30-day at-the-money implied volatility on OIH was docked at a modest 25.2% -- lower than 99% of other such readings from the past year, according to Trade-Alert -- while the 30-day implied volatility skew of 9.8% stood in the 7th annual percentile. With the CBOE Volatility Index (VIX) itself hovering around annual-low levels, the low volatility priced into OIH options could be fairly described as "unremarkable" in more ways than one.

And it seems that the recent uptick in put open interest on OIH is not necessarily attributable to option bears, anyway. The fund's July 30 put attracted the largest increase in open interest over the past 10 days, with more than 10,000 contracts added over this time frame -- all thanks to one massive trade on Jan. 5, which data from the major options exchanges confirms was of the sell-to-open variety. By selling premium at OIH's July 30 put, the trader is looking for the shares to remain above this critical round number through the first half of the year.

If this speculative player shied away from expressing a bullish view on OIH via call purchases, perhaps it's due to the potential obstacles lying overhead. Just a chip-shot away from OIH's Friday close at $33.96 are two notable price points: $36.12, which is 150% north of the January 2016 all-time low; and $36.68, the current 160-week moving average.

Plus, technicians will want to keep an eye on OIH's Relative Momentum Index (RMI). The RMI registers at 75.39, down from its recent peak at 76.05 -- and previously, when OIH's RMI has retreated back below the 70 threshold from a trip above, it's been a short-term selling opportunity.

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Analysts are  weighing in on social media name Twitter Inc (NYSE:TWTR), restaurant chain Chipotle Mexican Grill, Inc. (NYSE:CMG), and retail stock Tiffany & Co. (NYSE:TIF). Here's a quick roundup of today's bearish brokerage notes on TWTR, CMG, and TIF.

• TWTR is down 1.1% at $17.06, after a downgrade to "neutral" from "buy" and a price-target cut to $18 from $22 by UBS. The brokerage firm cited "operating challenges in its advertising business" due to increased competition, pricing pressure, and "poor execution in its direct response advertising efforts." Today's negative price action is just more of the same for TWTR shares, which have plunged 32% since their early October annual high north of $25. In the option pits, however, call buyers have bombarded Twitter Inc, with the stock's 10-day call/put volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) of 5.44 sitting in the 95th percentile of its annual range. TWTR could swing even lower, should this excessive optimism begin to roll over.
  
  
• CMG is down 0.6% at $408.09, following a downgrade to "neutral" from "overweight" at J.P. Morgan Securities, which said Chipotle Mexican Grill, Inc.'s "fundamentals have been much worse than imagined" since a mid-April upgrade. CMG shares have been battling their historical 200-day moving average over the past week, a trendline which contained an October rally attempt. Longer term, CMG is down more than 14% year-over-year, though option players seem to be betting on upside. In fact, 1.34 calls have been bought to open for every put over the last two weeks at the ISE, CBOE, and PHLX -- a ratio that sits higher than 86% of all other readings from the past 12 months. If these bullish bets begin to unwind, it could put even more pressure on CMG shares.
  
  
• TIF is trading 1.1% lower at $81.04, after the luxury retailer reported lower-than-expected holiday sales, due notably to declining sales at its flagship Fifth Avenue location in New York amid increased security and protests at its Trump Tower neighbor. Goldman Sachs also trimmed TIF's price target to $74 from $75. Tiffany & Co. shares are currently down 5% from their Dec. 8 annual high of $85.44, but recently bounced from their 120-day moving average. Short sellers have been betting on more downside for the shares, with short interest accounting for more than 11% of TIF's float, or 11.7 times TIF's average daily volume.

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While stocks have been hesitating lately after the post-election "Trump rally," sentiment levels remain quite high. While not every sentiment survey signals frothy levels of optimism, it's clear that investors in general have been taking a glass-half-full approach in recent weeks.

Most recently, the National Association of Active Investment Managers (NAAIM) exposure index edged slightly lower. The current reading of 89.29 is down from the multi-year high of 101.60, set as recently as early December. For comparison's sake, the average NAAIM reading since inception is 59.9 -- almost 30 points lower than this week's number. In other words, active money managers are much more invested than usual. Plus, the 10-week moving average of the NAAIM index just reached its loftiest level since early 2014, per the chart below, courtesy of Schaeffer's Quantitative Analyst Chris Prybal:

Elsewhere, the American Association of Individual Investors (AAII) just reached its 106th straight week in which the bullish response rate was less than 50% -- the second longest streak in history, according to Prybal. But that doesn't tell the whole story.

For the week ending Jan. 11, the bulls accounted for 43.6% of those surveys, down 2.6 percentage points from the prior week. However, this is well above the historical average of 38.4% bullish, while the bearish reading was below normal (27% vs. 30.3%). Additionally, Prybal observes that the 10-week moving average of bullish sentiment is at its highest level since Jan. 29, 2015, at roughly 45%:

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