Option Movers｜Call Ratio Surges to 94%, Will Meta Materials Take off?

Tiger Newspress2022-12-08

Market Overview

The S&P 500 and Nasdaq closed down on Wednesday(Dec 7) after a choppy session on Wall Street, as investors struggled to grasp a clear direction as they weighed how the Federal Reserve's monetary policy tightening might feed through into corporate America. The S&P 500 lost 0.19%, the Nasdaq dropped 0.51% and the Dow Jones was flat.

Regarding the options market, a total volume of 37,048,626 contracts was traded on Wednesday, down 3% from the previous trading day.

Top 10 Option Volumes

Top 10: SPY, QQQ, TSLA, AMZN, AAPL, META, BABA, AMC, IWM, AMD

Options related to equity index ETFs are popular with investors, with 7.67 million SPDR S&P500 ETF Trust (SPY) and 2.73 millionInvest QQQ Trust ETF (QQQ) options contracts trading on Wednesday.

Total trading volume for SPY and QQQ decreased by 25% and 12%, respectively, from the previous day. 53% of SPY trades bet on bullish options.

Source: Tiger Trade App

There are 500.1K Alibaba option contracts traded on Wednesday. Put options account for 79% of overall option trades. Particularly high volume was seen for the $210 strike put option expiring Jan 20, with 51,423 contracts trading.

AMC Entertainment fell 10% amid a report that the theater chain's lenders have begun to organize as the company continues to burn through cash.

There are 497.8K AMC option contracts traded on Wednesday. Put options account for 51% of overall option trades. Particularly high volume was seen for the $6 strike put option expiring December 9, with 49,047 contracts trading.

Unusual Options Activity​​

Source: Market Chameleon

Meta Materials jumped 5% on Wednesday after FINRA approved the exchange of the company's Series A preferred shares for common shares of spinoff company Next Bridge Hydrocarbons.

There are 149.3K MMAT option contracts traded on Wednesday. Call options account for 94% of overall option trades. Particularly high volume was seen for the $2 strike call option expiring December 9, with 26,456 contracts trading.

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: UUP, LILAK, AMC, GLD, XOM, CHPT, XLF, IEI, SLV, HYG

Top 10 bearish stocks: MMAT, TSLA, TLT, MPW, CCL, LAZR, BAC, AMD, CVNA, AAPL

Source: Market Chameleon

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