Shares of Big Lots, Inc. (NYSE:BIG) are down 1.8% at $48.20, at last check, as discount retailers swoon in sympathy with Dollar Tree (DLTR) and Dollar General (DG). Big Lots is slated to unveil its own second-quarter earnings report before the market opens tomorrow, Aug. 31. Below we will take a look at how BIG stock has been performing on the charts, and dive into what the options market has priced in for the shares' post-earnings moves.

Big Lots stock has rebounded nearly 28% since its June 1 two-year low of $36.20. However, the shares have struggled to overtake the $48-$50 region -- where they landed after a post-earnings bear gap in March. This area is also now the home to BIG's 200-day moving average.

Looking at the stock's earnings history, BIG has closed lower the day after the company reported in five of the last eight quarters, including the last four in a row. Over the past two years, the shares have averaged a 3.8% move the day after earnings, regardless of direction. This time around, the options market is pricing in a 10.1% move for Friday's trading -- more than double the norm.

Digging deeper, it looks like recent options buyers are betting on Big Lots to break its streak of negative earnings reactions. Data from the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) shows BIG with a 10-day call/put volume ratio of 9.87, suggesting nearly 10 calls have been bought to open for every put in the past two weeks. What's more, this ratio ranks in the 96th percentile of its annual range, suggesting a much healthier-than-usual appetite for bullish bets over bearish of late. 

As such, BIG's Schaeffer's put/call open interest ratio (SOIR) of 0.46 ranks in the 14th percentile of its annual range. This indicates that near-term call open interest more than doubles put interest right now, and that short-term traders have rarely been more call-biased in the past year.

However, some of the recent call buying -- particularly at out-of-the-money strikes -- could be attributable to BIG shorts seeking an options hedge before earnings. Short interest accounts for 24% of the stock's total available float. At BIG's average pace of trading, it would take shorts nearly two full weeks to buy back their bearish bets.

Shares of Caterpillar Inc. (NYSE:CAT) are down 1.2% at $140.23 in afternoon trading, continuing the stock's multi-month downtrend. Recent breakout attempts have been capped by a ceiling of resistance near $145 and the 80-day moving average. With this backdrop, below we will dive into why now may be a good time to bet on the Dow stock's next leg lower, per data from Schaeffer's Senior Quantitative Analyst Rocky White.

More specifically, Caterpillar shares are now within one standard deviation of their 80-day moving average, after a lengthy stretch below this trendline. There have been six similar signals of this kind in the past three years, after which CAT went on to average a one-week loss of 4.3%, with just 17% of those returns positive, per White. A similar pullback from current levels would place CAT back around $134.21.

Digging into options data, Caterpillar stock's short-term traders are more call-skewed than usual, with its Schaeffer's put/call open interest ratio (SOIR) of 0.76 ranking in the 4th percentile of its annual range. This indicates that near-term call open interest outweighs put open interest by a wider-than-usual margin right now.

Regardless, now is an attractive time to buy premium on short-term CAT options, given they are currently pricing in low volatility expectations. This is based on Schaeffer's Volatility Index (SVI) of 21% ranks in the 15th annual percentile.

Shares of RH (NYSE:RH) are up 1% at $158.51 this morning, with the company gearing up for its second-quarter earnings report, slated for release after the market closes this Tuesday, Sept. 4. Below we will take a look at how RH -- formerly Restoration Hardware -- has been faring on the charts, and also dive into what the options market is expecting for the stock's post-earnings move.

RH has been a long-term outperformer, soaring over 500% from its early 2017 low of $24.41. From a more recent perspective, the retailer saw an impressive post-earnings bull gap on June 12, which sent its shares to a record peak of $164.49. Further, RH currently boasts an 83% year-to-date lead, with a line of support stemming from the rising 50-day moving average.

Looking at the stock's earnings history, RH has closed higher the day after the company reported in four of the past eight quarters, including the last two in a row. The reactions have been volatile, as evidenced by the 30.5% surge on June 12 , with the shares averaging an 18.9% move the day after earnings over the last two years, regardless of direction. This time around, the options market is pricing in a 15.1% move for Wednesday's trading.

Options traders appear to be positioning for another post-earnings move to the upside. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), RH's 10-day call/put volume ratio of 1.88 ranks in the 78th annual percentile, meaning calls have been bought to open over puts at a quicker-than-usual clip.

However, some of this recent surge in call buying could be attributable to RH shorts seeking an options hedge before earnings. Short interest accounts for 43.5% of the stock's total available float, and at the retailer's average pace of trading, it would take shorts nearly 14 days to buy back their bearish bets.

Lastly, analyst sentiment on RH has been heavily pessimistic. Of the 15 firms covering the home furnishings retailer, 11 sport tepid "hold" or worse ratings. Plus, the stock's average 12-month price target comes in at $150.06 -- a 5% discount to current trading levels. Should the shares continue to move higher, a round of short covering or bullish brokerage notes could create tailwinds.

Shares of real estate investment trusts (REIT) Washington Prime Group Inc (NYSE:WPG) and Apartment Investment and Management Co (NYSE:AIV) have both been quietly climbing out of their early 2018 holes. There is reason to believe their recent rallies could resume, as both stocks recently flashed short-term bullish signals heading into the new month.

WPG Pullback Could Be Buying Opportunity

Looking at Washington Prime Group, the stock was furiously rallying off its mid-February lows of $5.40, peaking at $8.43 on July 6. Since then, the shares have pulled back, and are now trading around their 80-day moving average -- which could have bullish implications, if history is any guide.

More specifically, WPG shares are now within one standard deviation of their 80-day moving average, after a lengthy stretch above this trendline. There have been four similar signals of this kind in the past three years, after which WPG went on to average a one-month gain of 6.3%, with three of those returns positive, per Schaeffer's Senior Quantitative Analyst Rocky White. At last check, the stock was up 0.9% to trade at $7.65. A similar rally from current levels would place the REIT stock back above the $8 level.

A short squeeze could also help drive the shares higher. Short interest increased by 11% in the most recent reporting period, to a record high 32.91 million shares. This represents nearly 18% of WPG's total available float, and more than 16 days of pent-up buying power. 

AIV Stock Eyes Longest Monthly Win Streak in 4 Years

As for AIV, the REIT stock is fractionally lower today at $43.73, despite heading toward a four-month winning streak -- its longest since 2014 . The shares have added 15% since their February bottom near $38, with their 50-day moving average containing pullbacks in June and July. While all of this amounts to the stock barely trading above its year-to-date breakeven, there is plenty to suggest the stock could keep climbing in September.

To start, the real estate name is one of the best S&P 500 stocks to own ahead of the shortened Labor Day week. According to White, in the past 10 years, the equity boasts an average return of 2.1% during this holiday week, and was positive nine times -- the highest holiday-week win rate of the stocks covered. 

There is ample room for bullish analyst notes, should AIV keep climbing. Of the 12 brokerages covering the equity, eight rate it a tepid "hold." Furthermore, its consensus 12-month price target of $45.33 is only slightly above its current perch.

Shares of Immunomedics, Inc. (NASDAQ:IMMU) are up 2.1% to trade at $26.55, and are pacing for a sixth straight day of gains -- their longest win streak since early June. In fact, IMMU stock has added more than 19% so far this week, and is set for its best week of 2018, as the shares extend last week's post-earnings momentum. What's more, now could be a prime time to buy call options the biopharma concern, which is knocking on the door of new highs.

Immunomedics stock has advanced more than 110% in the past year, with several pullbacks contained by its 120-day moving average.The equity is now testing a familiar ceiling in the $26-$28 neighborhood, which has contained several rally attempts in 2018.

In light of a post-earnings volatility crush, unusually low volatility expectations are being priced into near-term IMMU options. This is based on its Schaeffer's Volatility Index (SVI) of 51%, which sits in the low 4th percentile of its annual range. In simpler terms, short-term Immunomedics options are attractively priced right now.

The last six times IMMU has traded within 2% of its 52-week high while sporting an SVI in the bottom 20% of its annual range, it produced a positive one-month return 83% of the time, averaging a gain of 14.8%, per Schaeffer's Senior Quantitative Analyst Rocky White. A similar rally from current levels would place the biopharma stock north of $30 -- territory not charted since the shares were exploring all-time highs in March 2000.

There's plenty of sideline cash to fuel additional upside for the stock, too. Short interest represents more than 16% of IMMU's total available float, and would take more than three weeks to buy back, at the equity's average trading volume.

Despite a constant barrage of negative headlines regarding U.S. trade topics, the flattening yield curve, negative seasonality, and the Turkey crisis during the past month, the market seems to have grown numb to the macro news cycle. Instead, market participants have focused on the positive earnings season and upbeat economic data, like the 4.2% gross domestic product (GDP) growth we saw in the second quarter, which allowed the S&P 500 Index (SPX - 2,901.52) to finish the month on a positive note.

Moreover, the SPX and the SPDR S&P 500 ETF Trust (SPY - 290.31) continued to rally into "blue-sky" territory, breaking out of a six-month-long uptrend channel. The SPX tested the round-number support level of 2,900 during a late-week pullback, which happened to coincide with a put-heavy SPY strike range from the 287-strike to the 290-strike -- all of which expired worthless. Pullbacks like this are rather healthy and quite typical during a market advance.

In addition, we have seen consistent sector rotation during the past month, with a particular left-for-dead sector seeing a substantial sentiment change among market participants. The specific sector that stood out to me was telecommunications, with the SPDR S&P Telecom ETF (XTL - 77.03) finishing the month up by 7.95%. While technology may have lagged during most of the summer, as some pundits have pointed out as a concern, the Technology Select Sector SPDR Fund (XLK - 75.60) was the second-best performer, finishing up 6.60% for the month of August.

Simply put, highly rotative markets aren't typically indicative of an immediate looming correction, but rather, it's typically a bullish sign of a sustainable trend in the short term. Furthermore, markets also rarely rotate into risk-on assets like biotech, software services, and medical technology before market corrections, and typically gravitate toward defensive sectors like utilities and consumer staples beforehand.

"Without slumping economic data points, financial strategists and pundits have relied on seasonality as a potential catalyst for a sell-off. Indeed, August can often be the start of seasonal corrections for the broader markets. That's a fact when you look at the data over the last two decades, but that doesn't mean we're necessarily due for an imminent correction as some have suggested, or that we'll finish negative for the month."
-- Monday Morning Outlook, August 13, 2018

As I discussed last month, we were seeing many pundits talk about seasonality in August, and how it could derail the markets. We are once again starting to see seasonality in the headlines of the financial media stating that September is historically the worst month for stocks.

Indeed, September is by far the worst month for the S&P 500 since 1928, with a net average return of -1.00%, and it's also one of the most volatile months on record. But as I previously discussed, seasonality data could easily be used to provide bullish headlines. What is not being said is that over the past 15 years, September has been net positive 66.6% of the time, with an average return of +0.81% on a monthly basis. Or, if you would rather look at the last decade, it has been net positive 60% of the time, with an average return of +0.76% on a monthly basis, according to Reuters data.

"If past is prologue, the next month could be a good one for equities, as fed funds futures are placing only a 2.5% probability on a rate hike on Wednesday, according to the CME Group website. The tables below break down SPY price action in the calendar month following a decision by the FOMC to either hike the fed funds rate or hold it steady since the tightening cycle began in December 2015. Clearly, investors have been in more of a buying mode after a Fed decision to hold rates steady."
-- Monday Morning Outlook, July 30, 2018

Another continuing theme that we've touched on is the immediate reactions in the S&P 500 after a Federal Open Market Committee (FOMC) decision to hold or hike interest rates. This short-term indicator once again proved to be correct in August, and with the Federal Reserve not meeting until the final trading day of September, we could likely see the market continue its bullish trend until then.

However, the Federal Reserve is expected to hike rates at its September meeting, with Reuters survey data stating a 94.6% probability of a rate hike.  After a post-Fed rate hike is when we believe there's heightened chance that a pullback could happen, as buyers seem to favor the equity markets when the central bank decides to hold rates steady.

Elsewhere, sentiment data is finally leaning on the optimistic side, after remaining pessimistic-to-neutral throughout August. The 10-day moving average of the equity-only buy-to-open put/call volume ratio continues to fall -- at 0.531, as of Aug. 29 -- which has fueled the rally as participants have turned more bullish.  Meanwhile, cumulative 20-day buy-to-open call volume on major equity-based exchange-traded funds (ETFs) rose by 11%, while the put volume only rose 3% -- which is something we'll keep an eye on throughout September to see if a trend develops. 

Finally, in the most recent weekly American Association of Individual Investors (AAII) survey, bullish sentiment increased by 5 percentage points, and the four-week bull change of 49.5% is the most since the beginning of the year, where we saw a four-week gain of 62.1% a few weeks prior to the January and February sell-off.  Continued increases in optimism heading into the Fed decision could be a warning sign that we may once again see a post-Fed rate hike sell-off.

As experienced market participants know, nothing is assured, and price action can change rather quickly in the third quarter, as seasonality suggests. But, with the S&P 500, Nasdaq Composite (IXIC - 8,109.54), and the Russell 2000 Index (RUT - 1,740.75) all breaking out to new all-time highs, we see broad-market participation and market breadth continuing to expand, which bodes well for the first few weeks of the month as speculators continue to ratchet up their optimism to extremes before heading into the FOMC decision on Wednesday, Sept. 26.  

Continue reading:

• Indicator of the Week: Stocks to Buy and Sell Before Labor Day
• The Week Ahead: Jobs Data, Fed Speeches Highlight Labor Day Week

Oil prices are popping today as Tropical Storm Gordon prepares to make landfall on the Gulf Coast later today, possibly as a hurricane. One energy name benefiting from sector tailwinds is petroleum refiner PBF Energy Inc (NYSE:PBF), with the shares last seen trading up 2.5% at $53.19, fresh off a record high of $53.72. And if history is any guide, it might not be too late for bulls to jump on PBF stock.

Specifically, PBF's Schaeffer's Volatility Index (SVI) of 31% ranks in the 10th percentile of its annual range. This indicates short-term options have priced in lower volatility expectations just 10% of the time within the past year.

What's more, according to data from Schaeffer's Senior Quantitative Analyst Rocky White, there have been just two other times PBF has been trading within 2% of a new 52-week high while near-term options have been so cheap, from a volatility perspective. Following these previous signals, the oil stock was up 17.07%, on average, one month later, with both returns positive.

A round of well-deserved bullish brokerage notes could also create tailwinds for PBF stock, considering six of the 12 analysts in coverage maintain a "hold" or worse recommendation. Plus, the average 12-month price target of $53.15 is in line with current trading levels.

Plus, it's worth noting the stock has consistently rewarded premium buyers over the past year. This is based on its Schaeffer's Volatility Scorecard (SVS) of 99 out of a possible 100, which means the shares have tended to make outsized moves relative to what the options market has priced in.

From a technical perspective, today's positive price action is just more of the same for the energy shares. Heading into today's trading, PBF Energy stock was up 46% year-to-date. While the security's 80-day moving average served as a springboard in mid-July, its 30-day moving average caught a mid-August pullback. And PBF is now trading above its previous highs in the $52 range, which could serve as support going forward.

Back on Aug. 22, Urban Outfitters, Inc. (NASDAQ:URBN) roared to a fresh record high after an earnings beat, vaulting briefly up to $52.50 before reversing its gains and falling back below the $50 level that very same day. Since then, the retail name has cooled off -- but this pullback could have bullish implications for URBN, if history is any guide.

More specifically, Urban Outfitters stock is now within one standard deviation of its 80-day moving average, after a lengthy stretch above it. Over the past three years, there have been four prior instances of URBN pulling back to its 80-day trendline after trading north of it at least 60% of the time over the previous two months. Those prior pullbacks have resulted in an average one-month return of 6.7% for URBN, per Schaeffer's Senior Quantitative Analyst White, with all four returns positive.

Based on its current perch at $47.86, another move of this magnitude would put Urban Outfitters stock at $51.07 by this time next month -- within striking distance of that Aug. 22 record high. Longer term, URBN shares are up an impressive 35% year-to-date, and have more than doubled in the last 12 months. 

There is reason to believe the stock could have even more room to run. For starters, the equity is ripe for a short squeeze. Short interest increased by 8.2% in the most recent reporting period to 13.50 million shares -- the most since December. This represents a hefty 16.4% of URBN's total available float, and eight days of pent-up buying power, at the equity's average daily volume. 

The outperforming retailer is also overdue for upgrades. Of the 19 brokerages covering URBN, only five rate it a "buy."  

Short-term options traders are much more put-heavy than usual right now. URBN sports a Schaeffer's put/call open interest ratio (SOIR) of 1.58, indicating that puts outnumber calls among options expiring within three months. This ratio is in the elevated 73rd percentile of its annual range, which means near-term traders are more put-biased than usual. Should the equity embark on another leg higher over the next month, an unwinding of pessimism in the options pits could add fuel to the stock's fire.

Those wanting to bet on a bullish repeat of history for URBN may want to consider a call-buying strategy, considering short-term options on the retail stock are pricing in remarkably low volatility expectations. It's Schaeffer's Volatility Index (SVI) is 32%, which arrives in the 1st percentile of its annual range.

Ireland-based drugmaker Endo International plc (NASDAQ:ENDP) has been on a torrid pace this summer, and earlier today nabbed a fresh annual high of $17.46. If history is any guide, though, the fun could be far from over for ENDP stock.

Specifically, the stock's Schaeffer's Volatility Index (SVI) of 33% ranks in the 7th percentile of its annual range. This indicates short-term options have priced in lower volatility expectations just 7% of the time within the past year.

What's more, according to data from Schaeffer's Senior Quantitative Analyst Rocky White, there has been just one other time ENDP has been trading within 2% of a new 52-week high while near-term options have been so cheap, from a volatility perspective. Following this signal, the drug stock was up 35% one month later. A move of similar proportions from its current perch of $17.10 would put ENDP above $23 for the first time since 2016. 

The stock has consistently rewarded premium buyers over the past year. This is based on its Schaeffer's Volatility Scorecard (SVS) of 93 out of a possible 100, which means the shares have tended to make outsized moves relative to what the options market has priced in.

There are other indications to believe ENDP's surge has staying power. A flurry of upgrades and/or price-target hikes could also create tailwinds for the stock, considering 13 of the 19 analysts in coverage maintain a tepid "hold" recommendation. Plus, the average 12-month price target of $15.87 sits below last week's closing perch. 

Short sellers have been hitting the exits, and a continued exodus could squeeze the remaining bearish bettors. Short interest fell by nearly 12% in the most recent reporting period, yet the 35.17 million shares sold short represents almost 20% of the total available float. At the security's average daily trading volume ,it would take four-and-a-half days to buy back those short positions.

Looking at the charts, the drug stock has more than tripled from its early May lows at $5.27. The shares have been guided higher by their ascending 20-day moving average, and earlier this month gapped higher after an upbeat quarterly report and licensing deal with Nevakar.

Our contrarian strategy is not as simple as taking the opposite side of the public's widely held viewpoint. A stock that goes higher and higher for an extended amount of time will naturally gain a lot of positive sentiment. That's not an immediate signal to buy. In fact, going against the price trend is always a tough way to play the market. Instead, we look for stocks where the sentiment is counter to the established trend. In other words, we look for stocks going higher, despite a significant amount of pessimism.

The reasoning is that the pessimism indicates a lot of investors have been avoiding that stock. If that stock continues higher, at some point the sentiment will change. If just a small portion of all those bearish investors capitulate at the same time, money can flood into the stock, leading to an energetic rally. The fast and furious rally is especially beneficial to us as option traders. This week, I'll screen for stocks based on this philosophy.

Trading Ideas for Bulls

For bullish contrarian plays, the first thing I’m looking for are stocks that have outperformed the S&P 500 Index (SPX) so far in 2018. Out of these stocks, I’m looking for stocks in which the sentiment has become more bearish. I verify the sentiment is more bearish by the following criteria:

• Short interest has increased.
• The percentage of buy recommendations has decreased.
• The Schaeffer's put/call open interest ratio (SOIR) is above one, which signifies more put open interest than call open interest.

The table below meets all the criteria laid out above. This can be a good starting point if you're looking for some bullish stock trades going forward.

Trading Ideas for Bears

As you would expect, I reversed the criteria to find stocks that we may look at for bearish stock plays. These are stocks which have done poorly so far this year, yet sentiment has become more bullish. Note that this screen returned over 60 stocks. I only show the 20 stocks that had the biggest market cap. Specifically, the criteria are:

• The year-to-date return is negative.
• Short interest decreased.
• The percentage of buy recommendations has increased.
• The SOIR is below one.

Breaking Down Past Performances

The table below shows how stocks performed last year based on the contrarian bullish/bearish setups described above. This is based on 2017 data through the end of August. Then, it summarizes the stock returns over the next six months, or through February of the next year.

The bullish contrarian setups averaged an 8.74% return, which actually underperformed the S&P 500's  return of just over 10% from September of last year through February. This average, however, looks to be dragged down by some big losses. The median return of these stocks was 14%. Also, even though 65% of the stocks were positive -- about the same as stocks that did not signal --  the bullish contrarian setups beat the SPX at a much higher rate than other stocks.

The bearish contrarian stocks, meanwhile, underperformed by every measure listed. Furthermore, I noticed a lot of the stocks on the bearish list were oil stocks. Getting rid of those stocks since they're so correlated and reliant on oil prices, the returns for those bearish contrarian plays get even worse.

I would say the indicator worked out well last year. That's not a license to blindly buy and sell based on this one indicator though. To make this point, look at the table below showing how this indicator fared in 2016. The bullish contrarian setups performed poorly compared to other stocks. Don't base trading decisions off of one simple indicator. A screen like this is a great way for ideas though to be researched further.

Shares of Crocs, Inc. (NASDAQ:CROX) are down 1.8% at $20.41 in late-afternoon trading amid broad-market headwinds. However, the footwear manufacturer is well into its long-term uptrend, and per data from Schaeffer's Senior Quantitative Analyst Rocky White, now may be the perfect time to bet on Crocs stock's next leg higher with options. 

CROX has been marching higher since dipping below $6 back in May 2017, thanks to steady support at its rising 100-day moving average -- a trendline that's contained several pullbacks this calendar year. Plus, the stock touched a fresh six-year high of $21.24 just last Friday, Aug. 31, and has picked up 128% over the past 12 months.

Digging deeper, Crocs stock's short-term options are attractively priced right now. CROX's Schaeffer's Volatility Index (SVI) of 41% is in just the 9th percentile of its annual range, suggesting near-term options are pricing in relatively low volatility expectations.

Per White, there have been four other times since 2008 CROX stock was trading near new highs when its SVI was simultaneously perched in the lower 20th percentile of its 12-month range. After these signals, the shares were higher 100% of the time one month later, and up an average of 7.8%.

A shift in sentiment among options traders could create tailwinds for CROX, too. Data from the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) shows CROX with a 10-day put/call volume ratio of 2.55, ranking in the 96th percentile of its annual range, meaning puts have been bought to open over calls at a quicker-than-usual clip. 

Plus, Crocs stock's Schaeffer's put/call open interest ratio (SOIR) of 2.14 ranks in the 88th percentile of its annual range. This indicates that short-term traders have rarely been more put-heavy toward the security in the past year.

Lastly, the outperforming equity may be overdue for upgrades, which could draw more buyers to the table. Of the six brokerages covering CROX, just one maintains a "buy" rating.

CarMax, Inc (NYSE:KMX) is down 0.7% at $78.30 in afternoon trading, the used car retailer falling from yesterday's notable peak just under $80. Below, we will see how CarMax stock has been faring on the charts long term, and per data from Schaeffer's Senior Quantitative Analyst Rocky White, why now may be an ideal time to bet on KMX's next leg higher. 

CarMax stock has had a volatile year, plunging to an annual low of $57.05 in early April, only to rebound and surge over 40% to an all-time high of $81.67 in late June. Even more recently, the $72 mark has been a floor of support, despite acting as a ceiling of resistance for the shares as recently as February. KMX is up 22% year-to-date.

Digging deeper, CarMax's short-term options are attractively priced right now. KMX's Schaeffer's Volatility Index (SVI) of 21% is in the 12th percentile of its annual range, suggesting near-term options are pricing in relatively low volatility expectations.

Per White, there have been two other times since 2008 the security was trading near new highs when its SVI was simultaneously perched in the lower 20th percentile of its 12-month range. After these signals, the shares were higher 100% of the time one month later, and up an average of 10.08%.

Looking toward options, data from the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) shows a 10-day put/call volume ratio of 1.23, ranking in the 73rd percentile of its annual range. This means that puts have been bought to open over calls at a quicker-than-usual clip during the past two weeks.

Echoing this, the equity's Schaeffer's put/call open interest ratio (SOIR) of 1.45 ranks in the 82nd percentile of its annual range. This shows that short-term traders have rarely been more put-heavy toward the security in the past year.