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 February 3:
*Click to enlarge view
PayPal Holdings $PYPL — After a brutal 20% post-earnings gap lower, options flow suggests traders are positioning for more downside.
Two put blocks hit the tape at the $40 strike: 2,514 contracts for 3/20 and 2,918 contracts for 7/17.
Blue Owl Capital $OWL — With pressure building in private credit, one trader is leaning into further weakness. They bought 8,218 contracts of the 4/17 $10 puts.
Navitas Semiconductor $NVTS — A longer-term bullish bet showed up in LEAPS, giving the trade plenty of time to work.
A buyer picked up 1,782 contracts of the 1/21/28 $30 calls — an aggressive strike sitting more than 200% above current prices.
