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The QQQQ open interest configuration shows reason for hope this time, however.
Digging into RIG's open interest configuration reveals that despite the recent attention to put volume, there is considerable bullish sentiment still to be unwound.
Drilling down on the stock's open interest configuration, we find that peak front-month call open interest sits at the 170 strike, with more than 11,400 contracts.
Digging into ANF's open interest configuration, we find that peak September call-open interest resides at the 55 strike, with more than 6,000 contracts.
On the sentiment front, the situation in the options pits may appear bullish, but the open interest configuration tells a different story.
Looking at the open interest configuration, peak call open interest rests at the in-the-money 12.50 strike in the April series of options – numbering just 5,316 contracts.
Similar(49)
The continuing gain in put open interest is offering up some bullish open interest configurations on the major exchange-traded funds (ETFs), which is a plus for stocks.
An additional sign of the scramble for portfolio protection can be seen in the open-interest configuration for the CBOE Market Volatility Index (VIX 16.95).
Digging into the stock's open-interest configuration reveals that peak call open interest resides at the out-of-the-money June 10 strike, with 24,069 contracts in residence.
Another angle on this analysis is that the open-interest configuration on the front months has become cloudier in its implications in recent years, with frenetic hedge fund activity, smart-money buying and a considerable amount of sell-to-open activity.
My eyeballing of these open-interest configurations says the iShares Russell fund looks the most impressive (from a bullish perspective), while the Nasdaq-100 Trust is the least bullish.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com