Meta, Microsoft Top RiskDex Call Skew Rankings With 0.75 and 0.79 Scores
Updated
Updated · CNBC · Jul 17
Meta, Microsoft Top RiskDex Call Skew Rankings With 0.75 and 0.79 Scores
2 articles · Updated · CNBC · Jul 17
Summary
Nations Indexes ranked Meta and Microsoft highest on its RiskDex gauge of unusual call-versus-put demand among the most actively traded S&P 500 stocks ahead of earnings season.
Meta posted a 0.75 score—its one-standard-deviation out-of-the-money calls were 25% pricier than equivalent puts—and sat in the 91st percentile of its past-year bullish readings; Microsoft scored 0.79 in the 93rd percentile.
Amazon, Tesla and AMD followed, with Amazon's 0.98 ratio still landing in the 92nd percentile by its own history, while Tesla and AMD were around 0.9 and above the 80th percentile.
Scott Nations said the breadth of call skew looks contrarian, arguing bullish positioning is so stretched that these stocks may be 'priced for perfection' and vulnerable to post-earnings disappointment.
A strong earnings payoff would also signal a leadership rotation: Meta and Microsoft have not hit records in nearly a year, and Amazon has lagged the Nasdaq 100 this year.