Energy Attracts Call Buyers While Tech Sees Fresh Bearish Positioning
By Steve Strazza
February 12, 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 February 12:
*Click to enlarge view
ONEOK Inc $OKE — Midstream energy is starting to attract attention as infrastructure plays regain momentum.
A trader paid the ask for 3,397 contracts of the 4/17 $105 calls, positioning for continued upside and a push toward fresh highs.
DoorDash Inc $DASH — With internet retail facing pressure, one trader is betting this developing topping pattern resolves lower.
They bought 366 contracts of the 5/15 $130 puts, deploying nearly $250K in premium on the bearish side.
Snap Inc $SNAP — Social media remains under heavy pressure, and longer-term bearish positioning is building.
In a notable LEAPS trade, a buyer stepped into 4,055 contracts of the 1/15/27 $3 puts, signaling conviction that the recent ~40% decline may not be the end of the move.
