Caterpillar Rises 3% With 91% of Options Money in Puts While CNH Industrial Draws 97% Calls: Data for Construction and Farm Equipment Buyers (GTA Terminal, November 11, 2026)

Caterpillar and CNH Industrial build much of the iron that contractors and farmers finance, from excavators and dozers to tractors and combines. On Wednesday, November 11, 2026, GTA Terminal data from Global Traders Academy showed the two moving the options money in opposite directions: Caterpillar rallied while traders loaded up on puts, and CNH drew almost nothing but calls.

Caterpillar: a 3% rally with 91% of the money in puts

By 2:52 PM ET on November 11, Caterpillar was at $603.97, up 3.32% on the day. But according to GTA Terminal data, $13.3 million in options premium had gone to work in CAT by then, and $12.1 million of it, 91%, was in puts, with just $1.2 million in calls. Seven contracts traded above their open interest, a sign of new positions, and none of the unusual premium was in same-day expirations. That means the put money was deliberate, longer-dated positioning, not a quick intraday flip. GTA Wire's Caterpillar afternoon flow report lays out the levels GTA is watching: the 20-day average at $658.32, the 50-day at $748.56 and a 20-day range of $553.64 to $740.21.

Off the exchanges, 1,649,240 CAT shares traded in dark pools on November 11, 1.1x the stock's normal pace and 45.0% of all its volume, the highest share in five sessions. GTA's later scan still read 64% puts. The chart stays in a downtrend, 44% below its 52-week high, with an RSI of 33. A bounce with heavy put buying underneath usually means big holders are using strength to protect themselves. Follow it on the Caterpillar stock page.

CNH Industrial: 97% calls, lighter dark pools

CNH looked very different. In GTA's latest scan, 97% of CNH options premium went into calls and just 3% into puts. Dark pool volume was lighter: 4,294,508 shares on November 11, 0.5x the 20-session average, down from 10,486,507 on November 9, though still 46.4% of the day's volume. The trend is mixed, below the 50-day average but above the 200-day, 14% below the 52-week high, with an RSI of 61. GTA's CNH off-exchange check for November 11 has the full five-session table, and the CNH Industrial quote page has the live chart.

What it means for equipment buyers

• Construction iron: patience may pay. Caterpillar has been weak for weeks, and heavy put buying into a rally says the market does not trust the bounce yet. When the biggest maker is under pressure, dealers often sharpen pricing and financing offers to move inventory. Ask about year-end programs.

• Farm equipment: a firmer tone. Call-heavy flow in CNH points to traders expecting better days for ag demand. If you need a tractor or combine for spring, dealer inventory may not stay as loose as it is now.

• Used values. A soft new-machine market tends to pull used prices down with it. If you are trading in a machine, get your appraisal sooner rather than later.

Earlier on November 11 we covered how Caterpillar's rebound still carried 69% puts; by mid-afternoon that put share had grown. On the farm side, see Deere's calls-by-dollars, puts-by-contracts split. The underlying flow comes from options flow on construction and farm machinery makers tracked by GTA.

A signal, not a guarantee

Options premium shows where money went, not whether each trade was bought or sold, and puts are often hedges rather than outright bets against a company. One day of flow is a signal, not a guarantee. All figures are GTA Terminal data for November 11, 2026. This is not investment advice.

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