Market Overview
U.S. stocks closed higher on Thursday(April 11), with tech-related momentum stocks leading the charge, as fresh economic data rekindled hopes that inflation remains in a cooling trend.
Regarding the options market, a total volume of 41,255,961 contracts was traded.
Top 10 Option Volumes
Top 10: TSLA, AAPL, NVDA, AMD, Rivian Automotive, Inc. , META, Citigroup , Micron Technology, Microsoft , INTC
Source: Tiger Trade App
Rivian Automotive fell 6.8% to $9.57, marking a record closing low, according to Dow Jones Market Data. The decline in Rivian shares came as Ford cut pricing for its all-electric F-150 Lightning pickup trucks by $5,500, according to CarsDirect, which cited a memo sent to Ford dealerships. Ford fell 0.2%.
There are 302.23K Rivian option contracts traded on Thursday, up 262% from the previous trading day. Call options account for 57% of overall option trades. Particularly high volume was seen for the $10 strike call option expiring April 12, with 23,434 contracts trading.$RIVN 20240412 10.0 CALL$
Unusual Options Activity
Source: Market Chameleon
After facing negative sentiment for much of this year, Apple Inc.'s stock had itself a day. The stock rose 4.3% on Thursday. That made for its largest single-day percentage gain since May, 5, 2023, when it advanced 4.7%, according to Dow Jones Market Data.
There are 1974K Apple option contracts traded on Thursday, up 89% from the previous trading day. Call options account for 68% of overall option trades. Particularly high volume was seen for the $175 strike call option expiring April 12, with 170,049 contracts trading.$AAPL 20240412 175.0 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.
Based on option delta volume, traders sold a net equivalent of -1,563,586 shares of Tesla stock. The largest bearish delta came from selling calls. The largest delta volume came from the 12-Apr-24 175 Call, with traders getting short 2,690,831 deltas on the single option contract.$TSLA 20240412 175.0 CALL$
Top 10 bullish stocks: NVDA, FCX, AMZN, C, GOOG, PARA, GOOGL, MSFT, WFC, WZ
Top 10 bearish stocks: TSLA, AAPL, GE, NEM, NKE, BA, OXY, MS, PFE, CVX
Source: Market Chameleon
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