U.S. stock indexes closed higher on Monday(May 6), their third straight session of advances, as investors continued to gain hope that there was a greater chance of the Federal Reserve cutting interest rates this year.
Regarding the options market, a total volume of 37,275,728 contracts was traded, down 18% from the previous trading day.
Top 10 Option Volumes
Top 10: $TSLA(TSLA)$; $Palantir Technologies Inc.(PLTR)$ ; $NVDA(NVDA)$; $AAPL(AAPL)$; $AMD(AMD)$; $AMZN(AMZN)$; $Marathon Digital Holdings Inc(MARA)$ ; $META(META)$; $AMC Entertainment(AMC)$ ; $GameStop(GME)$
Palantir shares slid 8.2% in premarket trading on Tuesday as the market appeared unimpressed by the company’s outlook for annual sales after the stock has tripled in the past year.
A total number of 1195.34K options related to PLTR shares was traded, up 168% from the previous trading day, of which call options accounted for 65%. A particularly high trading volume was seen for the $25 strike call option expiring May 10, with a total number of 57,741 options contracts trading on Monday.$PLTR 20240510 25.0 CALL$
Unusual Options Activity
Lucid revealed a wider-than-expected loss to start the year as the company contends with production challenges and uneven demand for high-end electric vehicles. Its shares fell 8.52% in premarket trading.
A total number of 226,180 options related to LCID shares was traded, 3 times higher than the previous trading day, of which call options accounted for 69%. A particularly high trading volume was seen for the $3 strike call option expiring May 10, with a total number of 32,114 options contracts trading on Monday.$LCID 20240510 3.0 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 bought a net equivalent of 1,907,004 shares of Nvidia stock. The largest bullish delta came from buying calls. The largest delta volume came from the 10-May-24 920 Call, with traders getting long 614,167 deltas on the single option contract.$NVDA 20240510 920.0 CALL$
Top 10 bullish stocks: NVDA, PFE, TXN, AMZN, AIG, AAL, GOOGL, KVUE, GOOG, MSFT
Top 10 bearish stocks: AAPL, C, TSLA, UAL, WDC, BAC, CVS, GE, CVX, GILD
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$(LCID)$ $(NVDA)$ $(PLTR)$
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