The shares of Etsy Inc (NASDAQ:ETSY) are down 2.6% at $208.01 at last check, just a few days ahead of the e-tailer's fourth-quarter earnings report, due out after the close on Thursday, Feb. 25. The equity is a little over two weeks removed from it's all-time high of $239.47, and now facing pressure from its ascending 30-day moving average. Today's dip, which plays a big hand in the stock's 8.6% pullback week-to-date, has brought ETSY back to its 40-day moving average, a trendline with historically bullish implications. 

According to data from Schaeffer's Senior Quantitative Analyst Rocky White, Etsy  shares have pulled back to this moving average five times in the last three years. One month after the signal, they have averaged a gain of 10.3%, and have been positive 80% of the time. From Etsy stock's current perch, a move of this magnitude would put the security at $229.44, well on its way toward reclaiming its aforementioned record high.

Short sellers are hitting the exits in droves, though there is plenty of pessimism left to be unwound. Short interest fell 27.4% during the last two reporting periods, but the 6.16 million shares sold short still account for a healthy 5.1% of the the security's available float.

Option traders, meanwhile, have been bit more bearish than usual. While call volume is still outpacing put volume, the equity's 50-day put/call volume ratio stands higher than 83% of readings from the past year. This means puts are being picked up at a quicker-than-usual clip. 

It's also an attractive time to purchase premium on ETSY options. The stock's Schaeffer's Volatility Index (SVI) of 61% sits in the low 12th annual percentile. Additionally, the security's Schaeffer's Volatility Scorecard (SVS) is lofty, sitting at a whopping 90 out of a possible 100, which means Etsy stock has tended to exceed volatility expectations during the past year -- a boon for option buyers.

The shares of cyber security service provider Paolo Alto Networks Inc (NYSE:PANW) are sinking this morning, even after the company reported a strong fiscal second-quarter earnings and revenue beat. Its current-quarter outlook fell short of expectations, however, and at last check, PANW is down 4.9% at $366.06. 

This negative price action hasn't deterred analysts. No  less than 11 covering the security have lifted their price targets this morning. BMO, which raised its estimate to $455 from $400 also upgraded the stock to "outperform" from "market perform," citing attractive valuation and calling Paolo Alto Networks well-positioned for market growth. 

The brokerage bunch was already optimistic on the stock coming into today, with 24 of the 28 in coverage calling it "buy" or better. Meanwhile, the $430.06 12-month consensus price target stood at a 13.6% premium to last night's close. 

Options players, on the other hand, have rarely been more bearish. While calls are still outpacing puts overall, PANW sports a 50-day call/put volume ratio of 0.97 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which stands higher than all but 1% of reading from the past year. 

Some of these bears may have been anticipating a pullback for PANW, which briefly toppled the elusive $400 mark to hit an all time high of $403 last Friday, Feb. 19. A longer term look at PANW's technical setup shows the equity consolidating under $370 level in late December and early January, though underlying support at its 50-day moving average launched the stock well past this level by February. And despite this week's pullback, Paolo Alto Networks stock boasts an impressive 50.6% year-over-year return.