The Feb 3 technical screen showed expanding bullish structure across both trend and crossover setups. In the 50–200 SMA crossover group, $SJ led with a 21.8% price gain and volume up 114%, followed by $CBUS and $ISPR, which climbed 19.6% and 19.1%. $HOMB and $SUI added moderate follow‑through with volumes more than doubling, confirming participation across small to mid‑cap names.
The sustained uptrend list revealed deeper momentum. $BTF surged 343% over two weeks, while $CRVS, $MOVE, and $BOIL each held triple‑digit gains supported by strong turnover. $USAX and $MSCLF extended at 65% with outsized volume expansion, showing persistent speculative interest.
With multiple names maintaining multi‑week strength and fresh crossovers appearing, the tape points to continued accumulation. When rising momentum aligns with volume‑backed crossovers, it often signals trend continuation rather than exhaustion.
The Feb 3 flow tape showed a sharp rise in put‑side demand across multiple sectors, signaling widespread hedging activity. $GLD led with a 4,206% increase in its put‑to‑call premium ratio, marking two straight sessions of heavy downside protection in metals. $TMUS and $APH followed with 3,399% and 2,675% spikes, indicating elevated defensive positioning in telecoms and industrials.
$IRE and $BUD each posted four‑digit percentage gains, reflecting similar caution in financials and consumer staples. Meanwhile, $RGTI, $CDNS, and $AI showed moderate increases in the 200%–500% range, confirming broader risk management across mid‑caps.
The $FICO chart captured this shift clearly, with spot levels fading even as put premiums expanded intraday.
The clustering of extreme ratio builds across unrelated sectors suggests a market rotating into protection rather than pursuing directional momentum. When ratio acceleration persists for multiple sessions, it often reflects institutional hedges recalibrating for volatility ahead.
The Feb 3 options tape was dominated by concentrated selling in $GLD, with heavy put sweeps across multiple maturities. Most of the flow clustered in the Mar 31 2026 series, led by transactions between the $605 and $640 strikes, each carrying premiums from $34M up to $573M. The sequence of tight‑timed orders suggests coordinated institutional activity rather than retail noise.
Additional size appeared in later expiries, including the Jun 18 and Sep 18 2026 lines, where large sell sweeps signaled active volatility management into summer contracts. The persistence of put selling at scale reflects continued confidence in underlying gold stability, likely acting as yield enhancement or hedge roll.
Outside metals, $ORCL drew attention with a $21M Mar 20 2026 $160C buy sweep, while $COIN, $SNDK, $CVNA, and $TSLA each printed smaller but notable long‑dated call buys between $9M and $31M.
Overall, the tone was disciplined. $GLD dominated as funds recycled premium through substantial put sales, while selective tech and crypto names saw moderate call accumulation, keeping the market’s positioning balanced but cautious.
Earnings for Feb 3 bring a strong cross‑sector lineup covering semiconductors, healthcare, and industrials. $AMD leads after hours with a $385B market cap and a $1.11 EPS estimate, anchoring tech sentiment at the close. $AMGN at $184B and $4.75 EPS follows, keeping biotech on the radar with substantial earnings leverage.
Pre‑market reports are dominated by defensive and industrial names. $MRK and $PFE post EPS forecasts of $2.03 and $0.56 respectively, giving a clear view into the pharma landscape. $ETN and $ITW add cyclical balance with $3.33 and $2.68 estimates, while $TDG rounds out early reports at $7.35 per share, a key input for the aerospace supply chain.
After hours, $CB prints a $6.56 EPS estimate, while $EMR and $MDLZ provide reads on industrial automation and global consumer staples with $1.41 and $0.70 expectations.
JOLTS Job Openings remain tentative on the macro docket, aligning labor data with a broad set of sector catalysts.
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