Market Overview
U.S. stock indexes clawed back from steep losses to a mixed close on Monday(Apr.10) as investors digested Friday's employment report and prepared for an eventful week of inflation data and bank earnings.
The Dow Jones Industrial Average rose 0.3%, the S&P 500 gained 0.1%, and the Nasdaq Composite dropped 0.03%.
Regarding the options market, a total volume of 28,333,960 contracts was traded on Monday, down 20.44% from the previous trading day.
Top 10 Option Volumes
Top 10: SPY, QQQ,TSLA, AAPL, IWM, AMC, NVDA, AMZN, AMD, GOOGL
Options related to equity index ETFs are popular with investors, with 6.9 million SPDR S&P 500 ETF Trust and 2.37 million Invesco QQQ Trust options contracts trading on Monday.
Total trading volume for SPDR S&P 500 ETF Trust and Invesco QQQ Trust slid 3.63% and 46.01% from the previous day. 53% of SPDR S&P 500 ETF Trust trades bet on bearish options.
AMC Entertainment gained 6.94% on Monday after a strong Easter weekend box office highlighted by the success of "The Super Mario Bros. Movie" gave investors reason to cheer.
There were 675,700 AMC Entertainment option contracts traded on Monday, shrinking over 50% from the previous day. Call options account for 53% of overall option trades. Particularly high volume was seen for the $5.5 strike call option expiring Apr 14, with 62,392 contracts trading.
Most Active Options
1. Most Active Trading Equities Options:
Special %Calls >70%: Bank of America; Alphabet; Alibaba; Riot Blockchain, Inc.; Palantir Technologies Inc.
2. Most Active Trading ETFs Options
Special %Calls >70%: VIX Short-Term Futures 1.5X ETF; iShares Silver Trust; Nasdaq100 Bear 3X ETF; SPDR Gold Shares; Bloomberg Natural Gas Bull 2X ETF; X-trackers Harvest CSI 300 China A-Shares Fund
Special %Puts >70%: iShares Russell 2000 ETF; $iShares iBoxx High Yield Corporate Bond ETF
Unusual Options Activity
There were 256,900 Micron Technology option contracts traded on Monday, call options account for 58% of overall option trades. Particularly high volume was seen for the $67 strike call option expiring Apr 14, with 20,216 contracts trading.
Palantir Technologies Inc. rose 3.71% on Monday as it announced its upcoming release of a revolutionary Artificial Intelligence Platform (AIP). This innovative software will combine machine-learning technologies with large language models currently used to power OpenAI’s ChatGPT, Google Bard, and other applications.
There were 118,600 Palantir Technologies Inc. option contracts traded on Monday, call options account for 87% of overall option trades. Particularly high volume was seen for the $8.5 strike call option expiring Apr 14, with 21,718 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: MU, NVDA, SCHW, HPQ, ATVI, T, C, AMD, GM, F
Top 10 bearish stocks: TSLA, GOOGL, MSFT, PHM, NEM, PYPL, INTC, TGT, WMB, CVS
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