U.S. stocks extended recent gains to end higher on Thursday (July 12th), with the Nasdaq rising more than 1% for a second straight day, as data showed the annual increase in U.S. producer inflation was the smallest in nearly three years.
Regarding the options market, a total volume of 44,181,859 contracts was traded, up 2.8% from the previous trading day.
Top 10 Option Volumes
Top 10: $SPY(SPY)$; $QQQ(QQQ)$; $Tesla(TSLA)$; $Nvidia(NVDA)$; $Amazon(AMZN)$; $Coinbase(COIN)$; $IWM(IWM)$; $Apple(AAPL)$; $VIX(VIX)$; $Meta Platforms(META)$
Source: Tiger Trade App
U.S. chip stocks rallied, with $Nvidia(NVDA)$ jumping 4.73% to a record high during the session and the Philadelphia semiconductor index rising 2%.
Nvidia is already an Arm customer but its talks to invest in the company point to bigger ambitions to expand from its core business in “graphics processing units” — dedicated chips for accelerating specialised tasks, including 3D rendering and training artificial intelligence — into the “central processing units” that handle most other computing functions.
A total number of 1.4 million options related to Nvidia was traded, up 30.8% from the previous trading day. A particularly high trading volume was seen for the $450 strike call options expiring July 14, with a total number of 129,776 option contracts trading on Thursday. $NVDA 20230714 450.0 CALL$
Source: Market Chameleon
Most Active Equity Options
Special %Calls >70%: $Nio(NIO)$; $Alibaba(BABA)$; $Amazon(AMZN)$; $Lucid(LCID)$; $Alphabet(GOOGL)$
Data From CBOE Trader Alert, as of 13 July 2023 EDT
Unusual Options Activity
Source: Market Chameleon
A federal court decision on a closely-watched crypto case involving Ripple Labs Inc. is taking $Coinbase Global Inc.(COIN)$ advocates back to a time when the potential for the largest US digital-asset exchange seemed almost limitless.
Shares of Coinbase rallied 24.49% on Thursday after the ruling was seen as potentially narrowing US Securities and Exchange Commission oversight when it comes to what can be listed on crypto trading platforms. The stock surge was the most since Coinbase jumped 31% at its debut on the Nasdaq in April 2021.
A total number of 1,016,043 options related to Coinbase was traded, up 284% from the previous trading day. A particularly high trading volume was seen for the $100 strike call options expiring July 14, with a total number of 92,583 option contracts trading on Thursday. $COIN 20230714 100.0 CALL$
Source: Market Chameleon
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: $COIN(COIN)$; $NVDA(NVDA)$; $DM(DM)$; $GOOGL(GOOGL)$; $MULN(MULN)$; $WFC(WFC)$; $WFC(WFC)$; $MARA(MARA)$; $PDD(PDD)$; $BAC(BAC)$
Top 10 bearish stocks: $NIO(NIO)$; $DIS(DIS)$; $AMZN(AMZN)$; $AAPL(AAPL)$; $SOFI(SOFI)$; $ATVI(ATVI)$; $AMC(AMC)$; $UMC(UMC)$; $DAL(DAL)$
Based on option delta volume, traders sold a net equivalent of -2,904,492 shares of Nio stock. The largest bearish delta came from selling calls. The largest delta volume came from the 14-Jul-23 16 Put, with traders getting short 1,170,551 deltas on the single option contract.
Source: Market Chameleon
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