Market Overview
The S&P 500 and Nasdaq indexes hit record closing highs on Wednesday (June 5), powered mainly by technology stocks as markets digested economic data that could support a much-expected start to the Federal Reserve's policy easing cycle.
Regarding the options market, a total volume of 38,248,719 contracts was traded, up 11% from the previous trading day.
Top 10 Option Volumes
Top 10: $NVDA(NVDA)$, $TSLA(TSLA)$, $AAPL(AAPL)$, $AMD(AMD)$, $GME(GME)$, $META(META)$, $AMC(AMC)$, $PLTR(PLTR)$, $AMZN(AMZN)$, $MARA(MARA)$
Source: Tiger Trade App
$Nvidia(NVDA)$'s rallied to record highs on Wednesday, with the artificial intelligence chipmaker's valuation breaching the $3 trillion mark and overtaking Apple to become the world's second most valuable company.
Nvidia is preparing to split its stock ten-for-one, effective on June 7, a move that could increase its appeal to individual investors.
There are 2.05 million Nvidia option contracts traded on Wednesday, up 94% from the previous trading day. Call options account for 60% of overall option trades. Particularly high volume was seen for the $1200 strike call option expiring June 7, with 94,111 contracts trading. NVDA 20240607 1200.0 CALL
Unusual Options Activity
Source: Market Chameleon
$GameStop(GME)$ shares resumed their rally Wednesday, with the stock climbing 19.1% after ending Tuesday’s session down 5.4%.
The videogame retailer’s shares finished trading at $31.57, their highest close since May 15, 2024, when they ended that day’s session at $39.55. GameStop’s stock is now up four of the last five trading sessions.
There are 606.8K GameStop option contracts traded on Wednesday, up 33% from the previous trading day. Call options account for 68% of overall option trades. Particularly high volume was seen for the $30 strike call option expiring June 7, with 49,189 contracts trading. GME 20240607 30.0 CALL
Shares in cybersecurity software maker $CrowdStrike(CRWD)$ surged almost 12% on Wednesday after the company exceeded analysts’ quarterly expectations and lifted its full-year guidance amid customers embracing its unified Falcon platform.
There are 260.6K CrowdStrike option contracts traded on Wednesday, up 33% from the previous trading day. Call options account for 57% of overall option trades. Particularly high volume was seen for the $350 strike call option expiring June 7, with 11,768 contracts trading. CRWD 20240607 350.0 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 -4,166,723 shares of Intel stock. The largest bearish delta came from buying puts. The largest delta volume came from the 19-Jul-24 41 Put, with traders getting short 1,073,989 deltas on the single option contract. INTC 20240719 41.0 PUT
Top 10 bullish stocks: $NVDA(NVDA)$, $AMC(AMC)$, $GME(GME)$, $AAL(AAL)$, $NVAX(NVAX)$, $TSM(TSM)$, $CORZ(CORZ)$, $PFE(PFE)$, $CRWD(CRWD)$, $ARM(ARM)$
Source: Market Chameleon
Top 10 bearish stocks: $AAPL(AAPL)$, $X(X)$, $SIRI(SIRI)$, $DJT(DJT)$, $TSLA(TSLA)$, $CRDO(CRDO)$, $RIOT(RIOT)$, $RBLX(RBLX)$, $PLTR(PLTR)$; $AMZN(AMZN)$
Source: Market Chameleon
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