IBM Options Market Shows Aggressive Bullish Sentiment
The options market is showing strong bullish sentiment for IBM, with a 4:1 call-to-put ratio on 75,581 contracts. The real signal, however, lies in the strikes: someone is aggressively betting that IBM will clear $250 by this Friday, which would be a +4.1% move from its current price of $240.17.
The calls with the highest activity are expiring on September 11, 2026, just two trading sessions away. The $250 call has seen a significant increase in volume and open interest, with 7,129 contracts traded and an open interest of 1,695. This is an aggressive new buy signal.
The rising skew, which measures the difference between downside puts and upside calls, is also worth noting. The 3-month 90/110 skew has risen by +1.01ppt to 1.68ppt, indicating that smart money is hedging the rally. This is reflected in the unusually large $215 put at 13.3× OI, which is an outsized hedge/downside bet.