The S&P 500 and Nasdaq registered record closing highs for a second straight day on Tuesday, helped by a gain of more than 7% in Apple shares, while investors also awaited consumer prices data and a policy announcement from the Federal Reserve.
Top 10 Option Volumes
Top 10:$AAPL(AAPL)$; $NVDA(NVDA)$; $TSLA(TSLA)$; $GME(GME)$; $AMD(AMD)$; $AMC(AMC)$; $AMZN(AMZN)$; $PLTR(PLTR)$; $ORCL(ORCL)$; $MARA(MARA)$
Source: Tiger Trade App
$Apple(AAPL)$ stock gained 7.3% to $207.15, a record closing high. It topped its previous closing high of $198.11, set Dec. 14. The tech firm on Monday unveiled Apple Intelligence, its long-awaited approach to generative artificial intelligence. It will be coming to iPhones, iPads, and Macs later this year. A new AI-powered Siri will bring enhanced voice capabilities to Apple devices, and Apple also said OpenAI’s ChatGPT would be embedded into the next version of the company’s operating systems.
A total number of 4393.21K options related to AAPL shares was traded, more than 4 times higher than the 90-day average trading volume. The 7% surge in Apple stock spurred huge gains in related options. The $207.5 strike call option expiring this Friday surged 6200% on Tuesday.
Source: Tiger Trade App
Unusual Options Activity
Source: Market Chameleon
Shares of $Affirm Holdings Inc.(AFRM)$ rallied 11% on Tuesday, after the provider of buy-now-pay-later payment options disclosed a partnership with $Apple Inc.(AAPL)$.
Affirm said it was announced by Apple on Tuesday that its payment products are expected to be available to Apple Pay users in the U.S. later this year.
Mizuho analyst Dan Dolev reiterated the buy rating he’s had on Affirm’s stock for at least the past three years, saying the partnership solidifies Affirm’s "moat."
A total number of 120,907 options related to AFRM shares was traded, of which call options accounted for 80%. A particularly high trading volume was seen for the $34 strike call option expiring this Friday, with a total number of 13,480 option contracts trading as of Tuesday.
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: $HPQ(HPQ)$; $GME(GME)$; $AMC(AMC)$; $C(C)$; $FFIE(FFIE)$; $WBD(WBD)$; $WULF(WULF)$; $NXE(NXE)$; $SBUX(SBUX)$; $CLF(CLF)$
Top 10 bearish stocks: $AAPL(AAPL)$; $NVDA(NVDA)$; $HPE(HPE)$; $DJT(DJT)$; $TSLA(TSLA)$; $AAL(AAL)$; $PLTR(PLTR)$; $AMD(AMD)$; $EDR(EDR)$; $EH(EH)$
Source: Market Chameleon
Based on option delta volume, traders bought a net equivalent of 3,422,037 shares of $GameStop(GME)$ stock. The largest bullish delta came from buying calls. The largest delta volume came from the 21-Jun-24 23 Call, with traders getting short 605,504 deltas on the single option contract.
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