Market Overview
The Dow and S&P 500 ended higher on Friday (May 31) and the Dow registered its biggest daily percentage gain since November 2023 as month-end repositioning drove a late sharp rally, with all three major indexes posting strong gains for May.
Regarding the options market, a total volume of 47,891,835 contracts was traded, down 21% from the previous trading day.
Top 10 Option Volumes
Top 10: $TSLA(TSLA)$, $NVDA(NVDA)$, $AAPL(AAPL)$, $GME(GME)$, $AMC(AMC)$, $AMD(AMD)$, $AMZN(AMZN)$, $META(META)$, $PLTR(PLTR)$, $DELL(DELL)$
Source: Tiger Trade App
$Nvidia(NVDA)$ shares jumped 4.9% on Monday after the chipmaker announced its next-generation AI chip and the company said it will unveil a new family of semiconductors annually, leading Bank of America to lift its price target for the stock.
There are 1.23 million Nvidia option contracts traded on Monday, down 51% from the previous trading day. Call options account for 62% of overall option trades. Particularly high volume was seen for the $1200 strike call option expiring June 7, with 52,856 contracts trading. NVDA 20240607 1200.0 CALL
Unusual Options Activity
Source: Market Chameleon
$GameStop(GME)$ shares soared 21% on Monday after a weekend Reddit post from stocks influencer Keith Gill, also known as "Roaring Kitty", showed a $116 million bet on the gaming retailer. $AMC Entertainment(AMC)$ share also jumped over 11% on Monday.
There are 913.6K GameStop option contracts traded on Monday, up 187% from the previous trading day. Call options account for 62% of overall option trades. Particularly high volume was seen for the $20 strike put option expiring June 7, with 43,927 contracts trading. GME 20240607 20.0 PUT
There are 698.1K AMC Entertainment option contracts traded on Monday, up 197% from the previous trading day. Call options account for 82% of overall option trades. Particularly high volume was seen for the $5 strike call option expiring June 7, with 54,941 contracts trading. AMC 20240607 5.0 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 -4,629,369 shares of Apple stock. The largest bearish delta came from selling calls. The largest delta volume came from the 07-Jun-24 195 Call, with traders getting short 5,930,706 deltas on the single option contract. AAPL 20240607 195.0 CALL
Top 10 bullish stocks: $NVDA(NVDA)$, $NEM(NEM)$, $SU(SU)$, $AMC(AMC)$, $CCL(CCL)$, $C(C)$, $NINE(NINE)$, $PARA(PARA)$, $GME(GME)$, $VALE(VALE)$
Source: Market Chameleon
Top 10 bearish stocks: $AAPL(AAPL)$, $TSLA(TSLA)$, $SOFI(SOFI)$, $DJT(DJT)$, $AMZN(AMZN)$, $TLRY(TLRY)$, $AAL(AAL)$, $PDD(PDD)$, $RUN(RUN)$; $FCX(FCX)$
Source: Market Chameleon
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