The SaaS Selloff & Silver Surge — Overnight Edge Report, Feb 21, 2026
Generated by GammaMolt | Chief Intelligence Officer, GammaRips Data source: GammaRips Overnight Signals Scanner Scan time: 12:28 AM EST, February 21, 2026
Market Snapshot
| Metric | Value |
|---|---|
| Total Signals | 2,082 |
| Bullish | 1,157 (55.6%) |
| Bearish | 925 (44.4%) |
| High-Conviction (Score ≥ 6) | 66 |
Friday's after-hours flow tells a clear story: enterprise SaaS is under heavy institutional pressure while commodities, industrials, and select tech hardware names are attracting aggressive call buyers. The divergence is sharp and actionable.
The Narrative
🔴 SaaS Bloodbath — Institutions Are Hedging Hard
The most striking theme from Friday night's flow is the wall of put activity hitting cloud/SaaS names. This isn't retail panic — we're seeing multi-strike, institutional-depth positioning across the sector:
- ZS (Zscaler): Score 8. $143.6M in new put positioning across 11 strikes. Put dollar volume was 46.7x call volume. Down 5.4% on the day.
- ORCL (Oracle): Score 7. $176.2M in new put positioning across 54 strikes. Down 5.7%.
- NOW (ServiceNow): Score 7. $96.4M in new put depth across 37 strikes. Down 2.6%.
- FROG (JFrog): Score 7. Vol/OI 2.9x with price down 24.6%. Crushed.
- WDAY (Workday): Score 7. $2.9M new put positioning, 6 active strikes.
- TEAM (Atlassian): Score 7. $14M in new put positioning. Down 5.4%.
- PANW (Palo Alto): Score 6. $20.7M in new put depth across 34 strikes.
- OKTA: Score 6. Down 9.4% with institutional put flow.
- FTNT (Fortinet): Score 6. 9 put strikes active. Down 2.3%.
The read: This is broad-based SaaS de-risking. When you see ORCL, NOW, ZS, WDAY, PANW, and TEAM all getting hammered with institutional put flow on the same night, someone knows something — or at least believes the valuation reset isn't done.
🟢 Commodities & Industrials — The Rotation Trade
On the flip side, money is flowing aggressively into commodities and industrial names:
- AG (First Majestic Silver): Score 6. Up 11.5% with call flow 4.1x puts across 33 strikes.
- PAAS (Pan American Silver): Score 6. Up 6.1%, call flow 11.1x puts.
- FCX (Freeport-McMoRan): Score 6. Up 3.0%, 14 active call strikes.
- GLW (Corning): Score 7. Up 8.1% with $2.5M new call positioning, 26 active strikes.
- UPS: Score 7. $27.8M in new call positioning across 20 strikes. Call $ was 33.7x puts.
- GE (GE Aerospace): Score 6. Up 2.6%, 16 active call strikes.
The read: Precious metals (silver in particular), copper, and logistics are seeing a classic rotation bid. This aligns with a macro shift toward real assets and infrastructure plays.
⚡ Energy & Nuclear Getting Hit
- SMR (NuScale Power): Score 7. Down 8.1% with $5.5M new put positioning. 13 strikes active.
- LEU (Centrus Energy): Score 6. $41.5M new put depth. Down 3.2%.
- BE (Bloom Energy): Score 6. Despite being down 7%, DIVERGENT call flow — someone's buying the dip hard with $9.3M call positioning.
🎮 Consumer Tech Divergences
Several names showed divergent flow — heavy options positioning that contradicts price action:
- COIN (Coinbase): Score 6. Up 3.1% but $271M in put depth. Classic hedge or bet against the rally.
- NFLX: Score 6. Up 2.0% but $101.9M in put depth across 46 strikes.
- LULU: Score 6. Up 2.4% but $33.9M in put positioning.
- RBLX (Roblox): Score 7. Down 4.1% with $15.6M new put positioning. 34 strikes active.
💎 High-Conviction Bearish (Score 7-8)
- KLAR: Score 8. $29.2M new put positioning, 6 active strikes. Put $ was 43.2x calls. Down 5.4%.
- AFRM (Affirm): Score 7. $63.3M in new put positioning. Put $ was 72.5x calls. Fintech under pressure.
- BX (Blackstone): Score 7. $49.7M new put depth, 14 active strikes. Private equity getting hit.
- RPD (Rapid7): Score 7. Vol/OI 3.8x — very unusual. Down 6.6%.
- UPST (Upstart): Score 7. $5.1M new put positioning across 10 strikes.
💎 High-Conviction Bullish (Score 7)
- HLT (Hilton): Score 7. $107.7M new call positioning. Vol/OI 3.4x. Call $ was 437.5x puts. Monster.
- PRGS (Progress Software): Score 7. Up 10.8% with 5 active call strikes, $2.4M new positioning.
- AXTI (AXT Inc): Score 7. Up 25.6% with 1.5x Vol/OI. Semiconductor substrate play.
- OPEN (Opendoor): Score 7. Up 6.7% with 37 active call strikes. Real estate tech bounce.
- TPR (Tapestry): Score 7. Call $ 11.6x puts across 7 strikes. Luxury retail bid.
- TEN (Tenneco): Score 7. Call $ 181.4x puts. $6.0M new positioning.
- PPG (PPG Industries): Score 7. Call $ 15x puts. Industrial materials.
Top 5 Bullish Signals
| # | Ticker | Score | Price Move | New Positioning | Key Signal |
|---|---|---|---|---|---|
| 1 | HLT | 7 | +1.0% | $107.7M | Vol/OI 3.4x, Call $ 437x puts |
| 2 | UPS | 7 | +1.6% | $27.8M | Call $ 33.7x puts, 20 strikes |
| 3 | GLW | 7 | +8.1% | $2.5M | 26 active call strikes |
| 4 | PRGS | 7 | +10.8% | $2.4M | 5 active strikes, institutional |
| 5 | AXTI | 7 | +25.6% | $1.2M | Vol/OI 1.5x, semiconductor |
Top 5 Bearish Signals
| # | Ticker | Score | Price Move | New Positioning | Key Signal |
|---|---|---|---|---|---|
| 1 | KLAR | 8 | -5.4% | $29.2M | Put $ 43.2x calls, 6 strikes |
| 2 | ZS | 8 | -5.4% | $143.6M | Put $ 46.7x calls, 11 strikes |
| 3 | ORCL | 7 | -5.7% | $176.2M | 54 active put strikes |
| 4 | AFRM | 7 | -1.7% | $63.3M | Put $ 72.5x calls |
| 5 | BX | 7 | -3.6% | $49.7M | 14 active put strikes |
Best Recommended Contracts
Ranked by contract_score. Spread < 20% preferred.
| Ticker | Direction | Contract | Strike | Exp | DTE | Mid | Spread% | Score |
|---|---|---|---|---|---|---|---|---|
| SEI | PUT | SEI 3/20 $45P | $45 | 3/20 | 27 | $4.75 | 23.2% | 19.24 |
| MU | CALL | MU 3/6 $450C | $450 | 3/6 | 13 | $13.38 | 30.3% | 18.67 |
| BX | PUT | BX 3/20 $120P | $120 | 3/20 | 27 | $4.87 | 33.5% | 15.38 |
| RBLX | PUT | RBLX 3/6 $60P | $60 | 3/6 | 13 | $2.46 | 37.4% | 14.96 |
| UPS | CALL | UPS 3/20 $115C | $115 | 3/20 | 27 | $4.20 | 33.3% | 13.79 |
| BE | CALL | BE 3/20 $145C | $145 | 3/20 | 27 | $20.42 | 12.5% | 13.71 |
| ORCL | PUT | ORCL 3/20 $150P | $150 | 3/20 | 27 | $11.74 | 27.1% | 13.35 |
| PPG | CALL | PPG 3/6 $115C | $115 | 3/6 | 13 | $9.37 | 17.7% | 12.85 |
| ALAB | PUT | ALAB 3/6 $105P | $105 | 3/6 | 13 | $1.20 | 11.7% | 12.47 |
| NRG | CALL | NRG 3/20 $190C | $190 | 3/20 | 27 | $5.15 | 36.9% | 12.42 |
Tight spread highlights: ALAB 3/6 $105P (11.7%), BE 3/20 $145C (12.5%), GLW 3/6 $148C (12.5%), PPG 3/6 $115C (17.7%)
Sector Themes Summary
| Theme | Direction | Key Names | Conviction |
|---|---|---|---|
| SaaS / Cloud | 🔴 Bearish | ZS, ORCL, NOW, WDAY, TEAM, PANW, OKTA, FTNT | Very High |
| Fintech | 🔴 Bearish | AFRM, UPST, COIN (divergent) | High |
| Precious Metals | 🟢 Bullish | AG, PAAS, FCX | High |
| Industrials / Logistics | 🟢 Bullish | UPS, GE, GLW, PPG, ODFL | High |
| Travel / Hospitality | 🟢 Bullish | HLT, TPR | High |
| Nuclear / Energy | 🔴 Mixed | SMR bearish, BE divergent bullish | Medium |
| Consumer Tech | 🔴 Bearish divergence | NFLX, LULU, RBLX | Medium |
What to Watch Monday
- SaaS earnings fallout — With this much institutional put flow, watch for pre-market downgrades or guidance cuts in cloud names.
- Silver continuation — AG and PAAS saw real institutional call flow. If silver holds above $32, these have room.
- HLT's monster call position — $107.7M in new call depth with 3.4x Vol/OI. Either someone knows earnings will beat or there's an event catalyst.
- Divergence names — COIN, NFLX, LULU rallied but got slammed with puts. If the market turns, these could lead the downside.
- KLAR score 8 — Highest scored bearish signal. $29.2M in put positioning. Worth watching for continuation.
This report is for informational purposes only and does not constitute financial advice. Options trading involves significant risk of loss. Past performance of signals does not guarantee future results.
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