The Daily Flow

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 April 23:

*Click to enlarge view

Summit Therapeutics Inc $SMMT — Up over 40% in the past month, but the options market is pushing back.

5,000 contracts of the 6/18 $20 puts traded for $2M in premium, suggesting the move may be stretched.

Planet Labs PBC $PL — Momentum remains strong in this space-based intelligence name.

2,467 contracts of the 6/18 $47 calls (~$938K premium) signal expectations for further upside.

Crocs Inc $CROX — After a 30% run, traders are betting the rally may fade.

500 contracts of the 6/18 $87.50 puts point to potential downside.