Market Overview
The Dow and the S&P 500 ended slightly higher on Wednesday (Nov. 13) while the Nasdaq lost ground after October data showed consumer prices rising in line with expectations, adding support to bets that the U.S. Federal Reserve will cut interest rates in December.
Regarding the options market, a total volume of 49,567,297 contracts was traded, roughly unchanged from the previous trading day.
Top 10 Option Volumes
Top 10: NVDA, TSLA, AMZN, PLTR, MSTR, MARA, $RIVN(RIVN$, AAPL, AMD, COIN
Source: Tiger Trade App
Nvidia shares fell 1.4% on Wednesday. The chip maker is lining up customers for its next-generation artificial-intelligence processors, but supply constraints could limit the immediate benefits. The company will report its October-quarter earnings on Nov. 20.
There are 2.53 million Nvidia option contracts traded on Wednesday, down 24% from the previous trading day. Call options account for 71% of overall option trades. Particularly high volume was seen for the $150 strike call option expiring November 15, with 380,585 contracts trading. NVDA 20241115 150.0 CALL
Amazon stock is building on its postelection rally by notching another record high Wednesday. Shares of the tech giant are rallying as Amazon launched a discount-focused e-commerce service, an answer from the company to the rapid rise of PDD Holdings' Temu.
There are 1.07 million Amazon option contracts traded on Wednesday, up 99% from the previous trading day. Call options account for 76% of overall option trades. Particularly high volume was seen for the $215 strike call option expiring November 15, with 103,710 contracts trading. AMZN 20241115 215.0 CALL
Unusual Options Activity
Source: Market Chameleon
MicroStrategy, Marathon Digital, Coinbase, and other crypto-related stocks slipped again on Wednesday as Bitcoin’s blistering rally appeared to take a pause. The world’s largest cryptocurrency hurtled above $93,000 earlier in the day and is now trading just above the $90,000 milestone. Stocks exposed to cryptos have been volatile.
There are 764.7K MicroStrategy option contracts traded on Wednesday, up 49% from the previous trading day. Call options account for 71% of overall option trades. Particularly high volume was seen for the $330 strike call option expiring November 15, with 51,897 contracts trading. MSTR 20241115 330.0 CALL
There are 728.1K Marathon Digital option contracts traded on Wednesday, up 29% from the previous trading day. Call options account for 74% of overall option trades. Particularly high volume was seen for the $25 strike call option expiring November 15, with 48,214 contracts trading. MARA 20241115 25.0 CALL
There are 470K Coinbase option contracts traded on Wednesday, up 40% from the previous trading day. Call options account for 65% of overall option trades. Particularly high volume was seen for the $350 strike call option expiring November 15, with 17,140 contracts trading. COIN 20241115 350.0 CALL
Rivian shares jumped 13.7% on Wednesday after the electric vehicle maker announced a $5.8 billion investment from German automaker Volkswagen as part of their joint venture.
There are 624.1K Rivian option contracts traded on Wednesday, up 455% from the previous trading day. Call options account for 76% of overall option trades. Particularly high volume was seen for the $13 strike call option expiring November 15, with 62,033 contracts trading. RIVN 20241115 13.0 CALL
Top 10 S&P 500 Bullish & Bearish 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: COP, AAPL, INTC, HPE, PLTR, SCHW, MU, GM, UAL, MSFT
Top 10 bearish stocks: NVDA, AMZN, SMCI, GOOGL, TSLA, AMD, C, WBD, GOOG; BAC
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