Telecom waking up, office REITs ignored no more, and quantum printing fresh conviction
By Steve Strazza
April 30, 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 April 30:
*Click to enlarge view
Cogent Communications Holdings $CCOI — Telecom doesn't get much attention in a market obsessed with semis and AI. That's usually a setup.
3,500 contracts of the 6/18 $25 calls traded for $805K.
SL Green Realty $SLG — Office real estate has been written off by nearly everyone. Patient money disagrees.
345 contracts of the 1/15/27 $50 calls signal a longer-term bullish setup, with the stock already up 15% in a month and rate sensitivity working in its favor.
D-Wave Quantum $QBTS — Quantum computing is heating up again. QBTS is up over 40% in a month and fresh money is still stepping in.
346 contracts of the 3/19/27 $35 calls hit with open interest of just 1 — a brand new position with no existing positions. Pure conviction on the next leg higher.
