Market Overview
U.S. stocks closed higher to kick off the holiday-shortened trading week on Monday (Dec. 22), buoyed partly by a continued rebound by technology stocks in a broad advance that saw gains among almost all of the 11 S&P 500 sectors.
Regarding the options market, a total volume of 48,009,712 contracts was traded, down 32% from the previous trading day.
Top 10 Option Volumes
Top 10: TSLA, NVDA, PLTR, VIX, AAPL, AMZN, META, NFLX, MSTR, AMD
Source: Tiger Trade App
Tesla shares climbed 1.6% on Monday. The Delaware Supreme Court on Friday overruled the Delaware Chancery Court’s 2024 decision to void CEO Elon Musk’s 2018 pay package, which included some 300 million stock options. The ruling officially restores to Musk the stock options, currently worth $138 billion.
There are 2.33 million Tesla option contracts traded on Monday, down 38% from the previous trading day. Call options account for 62% of overall option trades. Particularly high volume was seen for the $500 strike call option expiring December 26, with 162,840 contracts trading. TSLA 20251226 500.0 CALL
Netflix shares dropped 1.2% on Monday. Oracle co-founder Larry Ellison has stepped in to personally guarantee $40.4 billion in Paramount Skydance's latest effort to pry Warner Bros Discovery away from selling its prized Hollywood assets to streaming giant Netflix.
There are 402.92K Netflix option contracts traded on Monday, down 31% from the previous trading day. Call options account for 68% of overall option trades. Particularly high volume was seen for the $100 strike call option expiring January 16, 2026, with 21,237 contracts trading. NFLX 20260116 100.0 CALL
Unusual Options Activity
Source: Market Chameleon
Gold and silver soared to all-time highs, as escalating geopolitical tensions and bets on further US rate cuts added momentum to the best annual performance in more than four decades. SPDR Gold ETF gained 2.3% on Monday.
There are 1.56 million SPDR Gold ETF option contracts traded on Monday, up 266% from the previous trading day. Call options account for 83% of overall option trades. Particularly high volume was seen for the $425 strike call option expiring January 30, 2026, with 199,543 contracts trading. GLD 20260130 425.0 CALL
D-Wave Quantum shares soared 20% on Monday. The company announced it will participate in CES 2026 on Jan. 7, 2026, presenting there "its award-winning annealing quantum computing technology, hybrid quantum-classical solvers, and real-world customer use cases." Vice president of quantum technology evangelism Murray Thom will also explain the "potential for synergy between quantum, AI and blockchain."
There are 184.09K D-Wave Quantum option contracts traded on Monday, up 217% from the previous trading day. Call options account for 69% of overall option trades. Particularly high volume was seen for the $32 strike call option expiring December 26, with 6,064 contracts trading. QBTS 20251226 32.0 CALL
TOP 10 S&P 500 Bullish & Bearish
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 643,506 shares of AMD stock. The largest bullish delta came from buying calls. The largest delta volume came from the 20-Mar-26 200 Call, with traders getting long 841,205 deltas on the single option contract. AMD 20260320 200.0 CALL
Top 10 bullish stocks: AMD, TSLA, C, JPM, BAC, MU, UBER, CCL, MRK, PSLR
Top 10 bearish stocks: NKE, INTC, SMCI, PFE, GOOGL, F, WBD, ORCL, CSCO; NFLX
Source: Market Chameleon
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