Core Viewpoint - Option traders are moderately bearish on Nike (NKE), with shares currently down $1.07 to approximately $54.63, indicating a cautious sentiment in the market [1] Options Activity - Options volume is roughly in line with the average, with 55,000 contracts traded, and calls leading puts, resulting in a put/call ratio of 0.52, which is lower than the typical level of around 0.71 [1] - Implied volatility (IV30) has increased by 0.8 points to approximately 50.3, placing it in the highest 10% of observations over the past year, suggesting an expected daily price movement of $1.73 [1] - The put-call skew has steepened, indicating a heightened demand for downside protection, particularly following an upgrade to Overweight by Barclays [1] Earnings Outlook - Nike (NKE) is scheduled to report earnings after the market close, with option markets pricing in a 50% probability of a price movement greater than 0.0% or $0.00 [1]

Core Viewpoint - The S&P 500 Index has broken a significant support level, indicating a potential further decline of approximately 10% [1] Market Conditions - The ongoing conflict in Iran has heightened volatility in the market, leading to increased concerns among professional traders [1] - Higher put-call ratios and a rise in volatility-related indices and products reflect these concerns [1] Technical Analysis - The S&P 500 Index closed at 6,673, which is below its December low of 6,720 [1] - Historically, when the S&P 500 or the Dow Jones Industrial Average closes below previous December lows in the first quarter, it typically results in a bearish trend, with an average subsequent decline of 10% [1]

Core Viewpoint - TeraWulf (WULF) shares have experienced a notable increase, rising by $0.80 or 5.46%, reaching approximately $15.54, indicating positive market sentiment towards the company [1] Options Market Activity - The options volume for TeraWulf is relatively light, with 46,000 contracts traded, and calls are leading puts, resulting in a put/call ratio of 0.11, significantly lower than the typical level of around 0.52 [1] - Implied volatility (IV30) has decreased by 0.78, now at 100.82, which is below the 52-week median, suggesting an expected daily price movement of $0.99 [1] - The put-call skew has steepened, indicating an increased demand for downside protection among investors [1]

Core Viewpoint - Hims and Hers Health (HIMS) shares have experienced a decline, with current trading at approximately $16.86, down 38 cents from previous levels [1] Options Market Sentiment - Options volume for HIMS is consistent with average levels, with 62,000 contracts traded, indicating a put/call ratio of 0.62, slightly above the typical level of 0.59 [1] - Implied volatility (IV30) has decreased by 4.55, now at 115.45, which is in the top quartile of the past year, suggesting an expected daily price movement of $1.23 [1] - The put-call skew has flattened, indicating a modestly bullish sentiment in the options market [1] Earnings Outlook - Hims and Hers Health is scheduled to report earnings after the market closes on February 23, 2026 [1] - The options market is pricing in a 50% probability of a price movement greater than -5.03%, equating to a potential decline of $0.85 [1]

Core Viewpoint - Opendoor Technologies (OPEN) is experiencing mixed sentiment in options trading, with shares slightly down and a notable put/call ratio indicating a preference for calls over puts [1] Options Trading Summary - Shares of Opendoor Technologies are trading near $5.05, down by $0.10 [1] - Options volume is relatively light, with 68,000 contracts traded, leading to a put/call ratio of 0.28, which is slightly above the typical level of 0.26 [1] - Implied volatility (IV30) has decreased by 2.78, now at 92.57, placing it in the bottom quartile of the past year, suggesting an expected daily price movement of $0.29 [1] - The put-call skew has steepened, indicating an increased demand for downside protection [1] Earnings Outlook - Opendoor Technologies is scheduled to report earnings after the market closes, with options markets pricing in a 50% probability of a price movement greater than 0.0% or $0.00 [1]

Group 1 - Marvell (MRVL) shares are down $1.70, trading near $85.06, indicating a moderately bearish sentiment in the market [1] - Options volume is relatively light with 51,000 contracts traded, and calls are leading puts, resulting in a put/call ratio of 0.36, which is lower than the typical level of 0.72 [1] - Implied volatility (IV30) has increased by 0.8 points to approximately 49.11, which is in the bottom quartile of the past year, suggesting an expected daily price movement of $2.63 [1] - The put-call skew has flattened, indicating a modestly bullish tone in the options market [1]

Core Viewpoint - Hims and Hers Health (HIMS) shares are experiencing a decline, with current trading at approximately $32.23, down by $0.82, indicating mixed sentiment in options trading [1] Options Trading Summary - Options volume is consistent with average levels, with 81,000 contracts traded, and calls outpacing puts, resulting in a put/call ratio of 0.73, compared to a typical level of 0.59 [1] - Implied volatility (IV30) has increased by 3.1 points, reaching 60.94, which is in the lowest 10% of observations over the past year, suggesting an expected daily price movement of $1.24 [1] - The put-call skew has flattened, indicating a modestly bullish sentiment among traders [1]

Group 1 - Option traders are moderately bearish on Broadcom (AVGO), with shares down $15.36, currently priced at approximately $344.57 [1] - Options volume has more than doubled the daily average, with 230,000 contracts traded, and calls leading puts, resulting in a put/call ratio of 0.63, compared to a typical level near 0.7 [1] - Implied volatility (IV30) has increased by 1.4 points, reaching around 43.53, which is below the 52-week median, indicating an expected daily price movement of $9.45 [1] - The put-call skew has steepened, suggesting an increased demand for downside protection among traders [1]

Core Insights - Over $3.9 billion in Bitcoin and Ethereum options contracts are set to expire, with traders showing a bullish stance despite recent price declines [1] - Bitcoin's current trading price is $86,195, reflecting a 7.02% decline over the past 24 hours, with a total open interest of 39,389 BTC contracts worth $3.39 billion, heavily skewed towards calls [2][3] - Ethereum is trading at $2,822, down 6.98% in the last 24 hours, with 185,730 ETH contracts valued at $524 million, showing a preference for calls [6][7] Bitcoin Options Analysis - The put-call ratio for Bitcoin is 0.52, indicating nearly twice as many call options as puts, reflecting expectations of upside potential despite recent selloffs [3] - The max pain price for Bitcoin is $98,000, about 14% above the current trading level, suggesting that many call holders may face significant losses at expiry [4] Ethereum Options Analysis - The put-call ratio for Ethereum is 0.72, indicating less bullishness compared to Bitcoin, yet a preference for calls remains [7] - Ethereum's max pain is at $3,200, roughly 13% above its current price, suggesting many options could expire out of the money, but traders maintain a bullish outlook [8] Market Sentiment - The derivatives market structure indicates nuanced investor sentiment, with considerable call exposure maintained by traders despite sharp price drops earlier in the week [9]