Market Overview
U.S. stocks closed higher on Tuesday(April 23) following positive earnings from top-tier companies and as investors were focused on quarterly results from Magnificent Seven and other megacap growth stocks.
Regarding the options market, a total volume of 35,796,546 contracts was traded.
Top 10 Option Volumes
Top 10: SPDR S&P 500 ETF Trust , Invesco QQQ , TSLA, iShares Russell 2000 ETF , NVDA, iShares Silver Trust , AMD, AAPL, Marathon Digital Holdings Inc , AMZN
Source: Tiger Trade
Crypto stocks Kept rally on Tuesday trading. Bitcoin’s fourth halving, a highly anticipated event occurring every four years in the cryptocurrency realm, has finally occurred on Saturday. Marathon Digital surged 11% on Tuesday.
There are 380.1K Marathon Digital option contracts traded on Tuesday, up 27% from the previous trading day. Call options account for 76% of overall option trades. Particularly high volume was seen for the $20 strike call option expiring April 26, with 36,688 contracts trading.$MARA 20240426 20.0 CALL$
Unusual Options Activity
Source: Market Chameleon
GE Aerospace reported first-quarter earnings of 82 cents a share; analysts were expecting 65 cents. The period included results from GE Vernova, which was spun off on April 2. The company raised its 2024 operating profit outlook to $6.2 billion to $6.6 billion from prior guidance of $6 billion to $6.5 billion. Shares were up 8.3%.
There are 90,703 GE Aerospace option contracts traded on Tuesday, up 126% from the previous trading day. Call options account for 68% of overall option trades. Particularly high volume was seen for the $160 strike call option expiring Jun 21, with 8,701 contracts trading.$GE 20240621 160.0 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 bought a net equivalent of 1,902,077 shares of Ford stock. The largest bullish delta came from buying calls. The largest delta volume came from the 26-Apr-24 13 Call, with traders getting long 1,246,630 deltas on the single option contract.$F 20240426 13.0 CALL$
Top 10 bullish stocks: NVDA, AMZN, INTC, PARA, NFLX, META, GOOGL, CSCO, GOOG
Top 10 bearish stocks: C, TFC, TSLA, AAPL, AAL, DIS, AMD, JPM, WMT, ENPH
Source: Market Chameleon
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