What the institutional money is doing on SIGI right now — dark pool, options positioning, and where the news and the money disagree. Free.
News of institutional buying aligns with off-exchange accumulation (dark-pool short share elevated but volume ratio depressed at 0.63x norm), yet options traders are heavily hedged with puts, suggesting insiders may know something the headlines don't.
Second major institutional buyer in the news, but the options market remains put-heavy (0.39 call-to-put ratio) and dark-pool short positioning stays elevated, indicating the market is pricing in downside risk despite the buying narrative.
Bullish analyst commentary conflicts with options positioning: put-heavy hedging (0.39 call-to-put ratio) and elevated short activity in dark pools (5.8 points above norm) suggest smart money is bracing for downside, not betting on growth.
Positive technical narrative clashes with defensive options setup: put-to-call ratio of 0.39 and distribution-regime dark-pool activity (short share 5.8 points above norm) suggest institutional players are trimming or hedging exposure near the highs, not adding.
Positive Berkshire backdrop does not move SIGI's options needle: put-heavy positioning (0.39 call-to-put ratio), elevated short activity in dark pools, and low squeeze pressure (23/100) all point to a market that remains defensive and unconvinced by the macro tailwind.
A divergence is when the news narrative and the institutional money flow point in opposite directions — a bearish headline while large call premium is bought, or heavy dark-pool selling under a bullish story. It signals the crowd and the desks may disagree.
Dark-pool volume — The share of trading executed off-exchange, at wholesalers and dark pools. About half of all US share volume prints there on an ordinary day, so the level by itself says almost nothing. What carries information is the distance from this name’s own recent norm, and whether the off-exchange size ran above its usual.
Off-exchange short share — How much of that off-exchange volume was sold short. The median across all listed names is about 49%, because wholesalers filling retail buy orders sell short and cover later. A reading near half is plumbing, not a bearish vote — compare it to the same name’s own 20-day norm.
Max pain — The price where the most options expire worthless — positioning often gravitates toward it near expiry.
Call wall / Put floor — Strikes with the heaviest call/put open interest — they often act as short-term resistance and support.
Put/Call ratio — Below ~0.7 leans bullish (more calls); above ~1 leans defensive (more puts).
