Market Overview
The Nasdaq eked out a fifth straight record closing high on Friday (June 14) following gains in Adobe and other technology-related shares, while the S&P 500 and Dow ended slightly lower.
Regarding the options market, a total volume of 47,877,851 contracts was traded.
Top 10 Option Volumes
Top 10: $NVDA(NVDA)$, $TSLA(TSLA)$, $AAPL(AAPL)$, $GME(GME)$, $AMD(AMD)$, $AMZN(AMZN)$, $ARM(ARM)$, $AMC(AMC)$, $SOFI(SOFI)$, $PLTR(PLTR)$
Source: Tiger Trade App
$Nvidia(NVDA)$ shares ended up 1.8% on Friday after briefly surpassing Apple as the world's second-most valuable company.
There are 7.96 million Nvidia option contracts traded on Friday, up 40% from the previous trading day. Call options account for 61% of overall option trades. Particularly high volume was seen for the $130 strike call option expiring June 14, with 297,645 contracts trading.
The fourth-largest investor in $SoFi Technologies Inc.(SOFI)$ stock just completely dumped its stake, sending it shares down 5% on Friday. The Qatar Investment Authority (QIA) submitted a Form 4 showing that it had sold all 19.84 million shares on June 13. The shares were sold at an average price of $6.78, while the total sale was worth $134.51 million, leaving QIA with zero shares.
There are 369.7K Sofi option contracts traded on Friday, up 154% from the previous trading day. Call options account for 57% of overall option trades. Particularly high volume was seen for the $6 strike put option expiring August 16, with 38,494 contracts trading. SOFI 20240816 6.0 PUT
Unusual Options Activity
Source: Market Chameleon
$GameStop(GME)$ shares dropped 1.4% following a big jump. The stock finished 14% higher on Thursday. After the close of trading, Keith Gill, the Reddit folk hero who goes by Roaring Kitty on X and YouTube, shared a screenshot of an account that held more than 9 million GameStop shares, up from 5 million shares in a similar shot from Monday.
GameStop’s annual shareholder meeting was postponed but the online stream crashed after too many people tried to join, according to meeting host Computershare.
There are 1.21 million GameStop option contracts traded on Friday, up 15% from the previous trading day. Call options account for 72% of overall option trades. Particularly high volume was seen for the $30 strike call option expiring June 14, with 99,737 contracts trading.
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 -5,350,128 shares of Tesla stock. The largest bearish delta came from selling calls. The largest delta volume came from the 14-Jun-24 180 Call, with traders getting short 4,716,206 deltas on the single option contract.
Top 10 bullish stocks: $NVDA(NVDA)$, $GME(GME)$, $MRK(MRK)$, $PATH(PATH)$, $CSTM(CSTM)$, $ASTS(ASTS)$, $CSCO(CSCO)$, $NFLX(NFLX)$, $VXX(VXX)$, $EMN(EMN)$
Source: Market Chameleon
Top 10 bearish stocks: $TSLA(TSLA)$, $AAPL(AAPL)$, $AMZN(AMZN)$, $SOFI(SOFI)$, $DJT(DJT)$, $BABA(BABA)$, $PLTR(PLTR)$, $SLS(SLS)$, $AMD(AMD)$; $FFIE(FFIE)$
Source: Market Chameleon
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