The single biggest fact before the bell is a cluster of Brazilian financials and payments names — NU, XP, STNE, ITUB, MELI, and PBR — all down hard in pre-market, spanning fintech, banks, and energy infrastructure. It's concentrated in Brazil-exposed names; whether it spreads into broader emerging markets is the contagion question to watch at the open. On energy: last night's call accumulation read gets a one-name confirmation — RRC is gapping sharply on an EQT acquisition announcement — but the broad energy sector is being sold before the bell, so the overnight thesis narrows from a sector bid to M&A positioning on specific names. Chips are bid this morning, leading all sectors higher, which softens the AI infrastructure selloff narrative from last night; an open that holds those gains would start to turn that read. WGS still carries extreme put-heavy positioning into earnings in three days — that binary event read is unchanged.
Read the full edition →SPY +0.3%, QQQ +0.5%, IWM +0.1%. 48 liquid stocks up 2% or more, 52 down. Leading chips +1.3%, lagging energy -1.4%.
Up: RRC +10.1%, AXTI +4.1%, COHR +3.8%, NOK +3.8%
Down: XP -50.4%, STNE -38.9%, INTR -37.8%, SBS -28.8%
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 · 28 down of 38 | 74% vs 52% market | 6 new dated views (3 bullish): Citrini, Unknown, Mike Lee, Doug Clinton |
| Defense & drones | 1 up · 10 down of 15 | 73% vs 52% market | 14 pts more of its names moving than last edition; 2 8-Ks filed into the theme: RCAT, UMAC; 1 new dated view (1 bullish): Margie Patel |
| Energy (oil & gas) | 11 up · 0 down of 22 | 50% vs 52% market | 9 pts fewer of its names moving than last edition; 6 new dated views (6 bullish): Chris Whalen, Robert Mullen, Jonathan, Unknown |
| Power & the grid | 0 up · 6 down of 7 | 86% vs 52% market | 3 new dated views (3 bullish): Margie Patel, Kriti Gupta, Chris Verrone |
| Robotics & autonomy | 1 up · 5 down of 9 | 67% vs 52% market | 1 new dated view (1 bullish): Ken Griffin |
| Space | 1 up · 8 down of 10 | 90% vs 52% market | 15 pts more of its names moving than last edition |
| Nuclear & uranium | 0 up · 9 down of 12 | 75% vs 52% market | unchanged |
| Name | Price | IV | Own-yr pctile | Why today | Example contract (last close) |
|---|---|---|---|---|---|
| CAT Machinery Earnings in 6d | $686.26 | 60.2 | 100 | high vol, top of its year, post-drop | Nov 27 $615p · $7.85 bid ≈ 1.28% / 35d |
| Name | Play | Entry → exit | Return |
|---|---|---|---|
| ABSI 2026-10-23 | uoa slow build held since 2026-09-25 | $10.49 → $9.18 | -12.5% |
A close is the play’s own exit rule (hold window or a published close); the per-pick exit email is retired in favour of this section.
| Name | What | Volume vs normal | Calls / puts | Stock move |
|---|---|---|---|---|
| RRC $45.52 | long-dated call build | 6.6× 5,763 contracts | 73% calls · 27% puts | +3.78% day · +5.3% week |
| APTV $42.69 | long-dated call build | 3.8× 2,562 contracts | 75% calls · 25% puts | -2.56% day · -4.8% week |
| PAA $26.70 | long-dated call build | 3.4× 9,855 contracts | 96% calls · 4% puts | +3.09% day · +5.7% week |
| OLED $86.98 | options volume out of the ordinary | 18.8× 9,435 contracts | 99% calls · 1% puts | -0.54% day · +13.0% week |
| DXC $16.09 | options volume out of the ordinary | 6.7× 8,765 contracts | 100% calls · 0% puts | +0.19% day · +18.1% week |
| WGS $61.25 | downside bought | 7.2× 9,602 contracts | 11% calls · 89% puts | -7.20% day · -5.5% week |
| XLP $88.26 | downside bought | 5.7× 276,043 contracts | 4% calls · 96% puts | -1.92% day · +0.7% 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: 523 new ideas from 595 new videos since the last edition. Convergence lives in Idea Scout on Sunday.