PACCAR Draws 86% Calls While Cummins Sinks to an RSI of 21: GTA Terminal Data for Truck and Engine Buyers (November 10-11, 2026)
The two U.S.-listed names closest to the heavy truck business sent different messages this week. According to GTA Terminal data from Global Traders Academy, PACCAR, the maker of Kenworth and Peterbilt trucks, drew a call-heavy options lean, while Cummins, the engine and powertrain supplier behind a large share of the trucks on American roads, kept a put-heavy lean as its stock sat near oversold. For fleet owners, owner-operators and vocational truck buyers, the split says something about how investors see the truck cycle right now.
PACCAR: call money, but a chart still in a downtrend
GTA's PACCAR dark-pool check for the November 10 session, published on November 11, showed:
Options lean: 86% of PACCAR's options premium went into calls and 14% into puts in the latest scan, a call-heavy lean.
Dark pools: 1,189,852 shares traded off the exchanges on November 10, 0.9x the stock's 20-session average, or 37.2% of all its volume that day.
Five-session range: dark-pool share of volume ran from 32.2% (November 9) to 40.5% (November 4), with a period average of 36%.
Chart: downtrend, below the 50-day and 200-day averages, 24% below the 52-week high, with an RSI of 39.
By late morning on Wednesday, November 11, PACCAR traded at $106.98, between its 20-day average of $105.87 and its 50-day average of $111.18. Calls still led, at 71% of the premium, but the dollar total was small, about $5,394, so it is a thin read. Track it on the PACCAR stock page.
Cummins: oversold, with puts in charge
GTA's Cummins off-exchange report for November 10 showed 38% of the options premium in calls and 62% in puts, a put-heavy lean. Dark pools handled 555,160 shares, 1.0x normal, or 37.2% of volume, down from 40.6% on November 5, 6 and 9.
A separate GTA levels check had Cummins closing at $454.18 on November 10, below its 20-day average of $506.11 and its 50-day average of $522.52, with 74% of the premium in puts in that scan and the chart, options flow and dark pools all leaning bearish. The stock was 38% below its 52-week high with an RSI of 21, deep in oversold territory. Follow it on the Cummins quote and data page.
What it means for truck buyers and fleets
Two readings, one cycle. PACCAR's call lean suggests some investors are betting the truck maker has fallen far enough. Cummins' put lean and oversold chart show the opposite worry is still alive on the engine side. Mixed signals usually mean the market has not decided whether freight demand is turning.
Weak truck-maker charts often mean softer dealer pricing. Both stocks sit below their 200-day averages. When demand for new Class 8 and vocational trucks cools, dealers tend to compete harder on price, trade-ins and promotional rates. That is leverage for a buyer with a clear spec sheet.
Parts and service costs move on a different clock. Engine and powertrain pricing is sticky. A bearish read on Cummins stock does not mean cheaper rebuilds next month, so budget maintenance on your own history, not on the share price.
Time the purchase to your lanes. Replace trucks because of mileage, downtime and contracts you have won. Use market data only to judge how hard to negotiate.
GTA's explainer on how the call and put share of premium is calculated shows why a big percentage on a small dollar total deserves less weight. For more readings like these, see GTA's options flow data.
For earlier context, read our report on Cummins' 81% put reading and Knight-Swift's dark-pool climb, and for the vocational side, Allison Transmission's call-heavy flow and what it meant for vocational trucks.
A word of caution
Options flow and dark-pool data are a signal, not a guarantee. Put buying is often hedging rather than a bet on decline, small premium totals can swing sharply, and midday figures can change by the close. This article is general business information, not investment advice.
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