The clearest message before the bell is broad risk reduction concentrated in tech and chips, with far more liquid stocks sharply lower than higher. That extends the recent unwind across AI, data-center and power names, suggesting a crowded theme is still being repriced rather than reacting to one bad print. TTMI’s sharp drop after reporting its quarter is especially notable after unusually heavy, call-led options activity; shapes like that have leaned weak lately, and failure to reclaim ground after the open would reinforce the warning. Energy is the clear countertrend, building on its recent strength even as bullish commentary there is crowded. Sustained energy leadership and weak chip breadth after the open would confirm the rotation; a quick semiconductor stabilization would weaken it.
Read the full edition →SPY -0.9%, QQQ -1.6%, IWM -0.6%. 19 liquid stocks up 2% or more, 281 down. Leading staples +1.0%, lagging chips -3.4%.
Up: SPOT +7.0%, ALLE +6.3%, QURE +5.8%, DOW +4.8%
Down: TTMI -12.8%, FPS -11.8%, SNA -9.7%, LRCX -8.9%
Liquid = average daily volume of $50M or more; names with $1M or more traded since 04:00 ET; ETFs left out.
Its move, its options volume, the put at the bid and the ten-year one-lot history, for every stock you follow. Follow from any stock page.
Find a stock →| AI & data centers | 0 up · 24 down of 38 | 63% vs 43% market | 7 pts more of its names moving than last edition; 1 new dated view (1 bullish): Larry Fink |
| Defense & drones | 0 up · 10 down of 16 | 62% vs 43% market | 1 new dated view (1 bullish): Nathan Dean |
| Energy (oil & gas) | 10 up · 1 down of 21 | 52% vs 43% market | 8 pts fewer of its names moving than last edition |
| Nuclear & uranium | 2 up · 6 down of 10 | 80% vs 43% market | 7 pts more of its names moving than last edition |
| Robotics & autonomy | 0 up · 6 down of 12 | 50% vs 43% market | 14 pts fewer of its names moving than last edition |
| Space | 0 up · 9 down of 11 | 82% vs 43% market | 7 pts more of its names moving than last edition |
| Power & the grid | 0 up · 6 down of 8 | 75% vs 43% market | unchanged |
| Name | Price | IV | Own-yr pctile | Why today | Example contract (last close) |
|---|---|---|---|---|---|
| INTC Semis Earnings in 8d | $90.94 | 83.4 | 83 | high vol, top of its year, post-drop | Nov 20 $80p · $1.93 bid ≈ 2.41% / 30d |
| Name | What | Volume vs normal | Calls / puts | Stock move |
|---|---|---|---|---|
| DXC $15.40 | long-dated call build | 5.8× 4,934 contracts | 98% calls · 2% puts | +5.26% day · +20.4% week |
| BRZE $45.78 | long-dated call build | 4.5× 15,146 contracts | 68% calls · 32% puts | +0.64% day · +63.5% week |
| LION $12.70 | long-dated call build | 5.6× 8,739 contracts | 80% calls · 20% puts | +3.25% day · +16.6% week |
| AVEX $10.23 | options volume out of the ordinary | 10.3× 11,119 contracts | 60% calls · 40% puts | -27.14% day · -27.9% week |
| TTMI $100.75 | options volume out of the ordinary | 9.4× 29,301 contracts | 67% calls · 33% puts | +1.78% day · -0.3% week |
| IQV $276.63 | options volume out of the ordinary | 8.3× 3,187 contracts | 43% calls · 57% puts | +3.28% day · +5.6% week |
| FMC $5.02 | downside bought | 10.0× 28,298 contracts | 7% calls · 93% puts | -7.04% day · -38.0% week |
| ROL $30.94 | downside bought | 7.5× 12,032 contracts | 8% calls · 92% puts | -7.20% day · -5.2% week |
This is activity, not a reading on premium: who traded size, in what, leaning which way. Volume = settled options volume against the name’s own normal, with the contracts traded under it. Calls / puts = the split of that volume. Stock move = last session and last five sessions.
Board delta: 144 new ideas from 94 new videos since the last edition. Convergence lives in Idea Scout on Sunday.