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Options traders still feeling it

Jason Goepfert
2021-01-04

The push to new highs last week didn't dampen options traders' speculative fervor at all, and why would it? For the week, the smallest of traders spent nearly $3.50 buying call options to open for every $1 in puts they bought. The Backtest Engine shows the results of other times they were so confident. That 1-2 month time frame was unkind.

Dealers often take the other side of these trades, and according to Squeezemetrics, they're heavily positioned to sell underlying stock on any meaningful move higher. The 20-day average of Gamma Exposure has neared a record high. Other times it approached these levels, forward returns were horrid.

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