The S&P 500 and Nasdaq fell on Thursday(July 20), weighed down by drops in Tesla and Netflix following their quarterly results.
Regarding the options market, a total volume of 44,774,900 contracts was traded, up 4% from the previous trading day.
Top 10 Option Volumes
Top 10: $SPY(SPY)$; $QQQ(QQQ)$; $Tesla(TSLA)$; $Apple(AAPL)$; $Nvidia(NVDA)$; $Advanced Micro Devices(AMD)$ ; $Cboe Volatility Index(VIX)$ ; $Amazon.com(AMZN)$ ; $iShares MSCI Emerging Markets ETF(EEM)$ ; $IWM(IWM)$;
Source: Tiger Trade App
Tesla's shares tumbled 9.74%, its biggest one-day percentage drop since April 20, after the electric-vehicle maker reported a drop in its second-quarter gross margins to a four-year low and CEO Elon Musk hinted at more price cuts.
A total number of 4.21M options related to Apple was traded, up 103% from the previous trading day. Call options account for 64% of overall option trades. A particularly high trading volume was seen for the $275 strike call options expiring July 21, with a total number of 190,347 option contracts trading on Thursday.$TSLA 20230721 275.0 CALL$
Most Active Equity Options
Special %Calls >70%: $Alibaba(BABA)$ ; $Rivian Automotive, Inc.(RIVN)$ ; $Sirius XM(SIRI)$ ; $Johnson & Johnson(JNJ)$ ; $Alphabet(GOOGL)$
Data From CBOE Trader Alert, as of 21 July 2023 EDT
Unusual Options Activity
Source: Market Chameleon
Netflix slumped 8.41% to suffer its biggest one-day percentage decline since December 15, after the streaming video company's quarterly revenue fell short of estimates.
A total number of 581,451 options related to Netflix was traded. Call options account for 59% of overall option trades. A particularly high trading volume was seen for the $450 strike call options expiring July 21, with a total number of 24,274 option contracts trading on Thursday.$NFLX 20230721 450.0 CALL$
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.
Based on option delta volume, traders sold a net equivalent of -5,685,170 shares of Apple stock. The largest bearish delta came from selling calls. The largest delta volume came from the 21-Jul-23 195 Call, with traders getting short 6,848,586 deltas on the single option contract. $AAPL 20230721 195.0 CALL$
Top 10 bullish stocks: AMZN, JNJ, ATVI, DOW, FCX, UAL, CSCO, ABBV, CVS, F
Top 10 bearish stocks: AAPL, BAC, INTC, TSLA, CMA, NFLX, XOM, AMD, META, NVDA
Source: Market Chameleon
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Comments
apples low volatility is a good thing long term. eventually, there will be a correction that will be inevitable. When that happens, apple will likely be the one that stands out stronger than the rest.
Tesla will be 300 shortly. Folks will take profit, then It will drop a bit then in a few days 300 will be the new benchmark. Just like it was at 200 not too long ago.
just drive a Tesla and then go drive another ev. go use another super charger vs a Tesla. go long and enjoy the ride
Apple 🍎 upgraded to the moon with negative revenues and flat earnings will end in tears 😭
Tesla is the most overpriced company in the history of stock market.
Aapl longs will lose big on earnings listening to crooked analysts