Follow the Flow By Steve Strazza January 23, 2026 This note highlights a select group of stocks showing the most unusual — and highly directional — options activity.The goal is simple: follow the big money and trade in the direction of the underlying trend.Here is the list of Unusual Options activity from January 23: *Click to enlarge viewEndeavour Silver Corp $EXK - Silver and miners have been on fire, and one trader is betting on a near-term pullback.They purchased 828 contracts of the 8/21 $12.5 puts. With the strike only 10% away, the trade doesn’t require a big move to pay off.Microsoft Corp $MSFT - Sentiment toward software is near historic lows, but one trader isn’t buying that narrative.They bought 22,463 contracts of the 4/17 $510 calls, a standout trade both in size and timing, with MSFT near key levels from its 2024 highs.Antero Resources Corp $AR - The largest trade of the day came in energy, anticipating continued near-term strength.One buyer picked up 35,000 contracts of the 2/20 $37 calls. Transactions of this size are rare and worth noting closely.
