The S&P 500 ended down slightly on Friday(July 14), with bank and financial shares mostly lower on the day following quarterly reports that kicked off earnings season, but all three major U.S. stock indexes posted solid weekly gains.
Regarding the options market, a total volume of 47,424,540 contracts was traded, up 7.3% from the previous trading day.
Top 10 Option Volumes
Top 10: SPY; QQQ; Tesla; Nvidia; Advanced Micro Devices; IWM; Amazon; Apple; Nikola Corporation; Coinbase Global, Inc.
Acer has introduced its very first AMD Radeon graphics card, the Predator BiFrost Radeon RX 7600. There will be two variations of the Acer Radeon RX 7600 Predator BiFrost model: one with and one without a factory overclock.
A total number of 1.48 million options related to AMD was traded. Call options account for 68% of overall option trades. A particularly high trading volume was seen for the $120 strike call options expiring July 21, with a total number of 78,555 option contracts trading on Friday. $AMD 20230721 120.0 CALL$
Unusual Options Activity
JPMorgan Chase posted a 67% jump in profit for the second quarter on Friday as it earned more in interest from borrowers.
The largest U.S. lender's profit climbed to $14.47 billion, or $4.75 per share, for the quarter ended June 30. That compares with $8.65 billion, or $2.76 per share a year earlier. Shares of JPMorgan Chase rose 0.6% on Friday.
A total number of 402,754 options related to JPMorgan was traded. Call options account for 74% of overall option trades. A particularly high trading volume was seen for the $150 strike call options expiring July 21, with a total number of 28,392 option contracts trading on Friday. $JPM 20230721 150.0 CALL$
TOP Bullish & Bearish Single Stocks
This report shows stocks with the highest volume of bullish and bearish activity by option delta volume, which converts option volume to an equivalent stock volume (bought or sold).
If we take the total positive option delta volume and subtract the total negative option delta volume, we will get the net imbalance. If the net imbalance is positive, there is more bullish pressure. If the net is negative, there is more bearish pressure.
Top 10 bullish stocks: Warner Bros. Discovery ; UnitedHealth ; Alphabet ; U.S. Bancorp ; Wells Fargo ; Freeport-McMoRan ; KeyCorp ; Williams ; Costco ; Mosaic
Top 10 bearish stocks: Tesla Motors ; Apple ; Microsoft ; Walt Disney ; Activision Blizzard ; JPMorgan Chase ; Bank of America ; United Continental ; Intel ; AT&T Inc
Based on option delta volume, traders sold a net equivalent of -5,347,276 shares of Tesla stock. The largest bearish delta came from selling calls. The largest delta volume came from the 14-Jul-23 280 Call, with traders getting short 7,153,064 deltas on the single option contract.
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