Down a lot, up a lot, and priced for a bounce nobody's watching
By Steve Strazza
July 8, 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 Jul 8:
*Click to enlarge view
YPF SA $YPF — Argentina's national oil name has been the worst kind of frustrating this year, down 10.5% in the last month while the rest of energy held up fine. But someone just decided the bottom is close.
2,384 contracts of the 8/21 $60 calls traded today, a bet that YPF snaps back hard.
Erasca Inc $ERAS — Small-cap biotech that most skip right past, and yet this one has been quietly ripping, a leader on the board today over the past month.
261 contracts of the 1/21/28 $35 calls hit the tape, a long-dated shot that only pays if this thing roughly doubles, which is about as pure a conviction bet as you'll see.
Expand Energy Corp $EXE — Natural gas E&P that's been in a steep correction just caught some attention.
780 contracts of the 10/16 $100 calls just landed for $196K in premium, positioning for higher prices after a significant drawdown.
