Market Overview
U.S. stocks closed higher on Friday (Dec. 19) after a rocky start to the week, as a rebound in technology shares offset tumbling consumer stocks such as Nike.
Regarding the options market, a total volume of 70,195,143 contracts was traded.
Top 10 Option Volumes
Top 10: TSLA, NVDA, PLTR, BYND, AAPL, ORCL, AVGO, VIX, AMZN, NKE
Source: Tiger Trade App
Oracle shares jumped 6.6% on Friday. The software developer and two other investors signed agreements with TikTok and its Chinese owner ByteDance to form a new joint venture named TikTok USDS Joint Venture LLC.
There are 858.94K Nike option contracts traded on Friday, up 39% from the previous trading day. Call options account for 65% of overall option trades. Particularly high volume was seen for the $195 strike call option expiring December 19, with 98,470 contracts trading.
Unusual Options Activity
Source: Market Chameleon
Nike shares slumped 10.5% on Friday after the sportswear giant reported a drop in gross margins for the second consecutive quarter, hurt by poor sales in China and efforts to reset its product mix.
There are 733.29K Nike option contracts traded on Friday, up 85% from the previous trading day. Put options account for 57% of overall option trades. Particularly high volume was seen for the $59 strike put option expiring December 19, with 52,615 contracts trading.
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 1,342,162 shares of Nvidia stock. The largest bullish delta came from buying calls. The largest delta volume came from the 19-Dec-25 180 Call, with traders getting short 823,578 deltas on the single option contract.
Top 10 bullish stocks: NVDA, MU, PLTR, INTC, BA, MRNA, AMD, CCL, GM, STT
Top 10 bearish stocks: AMCR, TSLA, NKE, AAPL, UBER, LW, KVUE, ORCL, COIN; GILD
Source: Market Chameleon
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