ST/US/LLY saw a slight increase, with single-day option volume of 67,289 contracts, expanding to 1.37 times the recent average daily turnover. The Put/Call ratio for trading was 0.572, leaning bullish. However, the open interest (OI) Put/Call ratio stands at 1.244, indicating that existing positions are clearly bearish—new money is buying calls while old positions remain hedged.

ST/US/ASTS experienced a slight decline, with option volume of 141,336 contracts, also up by 1.35 times. Its Put/Call trading ratio of 0.442 is even more skewed towards longs compared to ST/US/LLY, and its open interest Put/Call ratio is only 0.458, meaning long-side positions have been laid out well in advance.

While both cases involve heavy buying of calls, ST/US/LLY must first overcome its own 1.24 open interest put exposure before driving prices up; ST/US/ASTS lacks this resistance layer, but its stock price remains 14% below the 50-day moving average. These calls are betting on a reversal rather than a trend.