Market Overview
The S&P 500 and Nasdaq scored record closing highs on Monday (June 17) as technology shares rallied on enthusiasm over artificial intelligence ahead of this week's economic data and Federal Reserve officials' speeches that could shed light on monetary policy.
Regarding the options market, a total volume of 44,690,483 contracts was traded, down 7% from the previous trading day.
Top 10 Option Volumes
Top 10: $NVDA(NVDA)$, $TSLA(TSLA)$, $AAPL(AAPL)$, $GME(GME)$, $AMD(AMD)$, $PLTR(PLTR)$, $AMZN(AMZN)$, $MSFT(MSFT)$, $MU(MU)$, $SMCI(SMCI)$
Source: Tiger Trade App
$Nvidia(NVDA)$ shares dropped 0.7% on Monday. The chip maker has been getting more price-target upgrades on Wall Street. While the CEO Jen Hsun Huang was reported to sell 240,000 shares of the firm's stock on June 13th and 14th.
There are 4.38 million Nvidia option contracts traded on Monday, down 46% from the previous trading day. Call options account for 62% of overall option trades. Particularly high volume was seen for the $132 strike call option expiring June 21, with 193,827 contracts trading. NVDA 20240621 132.0 CALL
Unusual Options Activity
Source: Market Chameleon
$GameStop(GME)$ shares tumbled 12.1% on Monday after CEO Ryan Cohen told investors that the videogame retailer plans to operate a smaller network of stores, but did not provide details on what it intends to do with its cash pile.
There are 979.7K GameStop option contracts traded on Monday, down 20% from the previous trading day. Call options account for 65% of overall option trades. Particularly high volume was seen for the $30 strike call option expiring June 21, with 71,631 contracts trading. GME 20240621 30.0 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 -5,496,338 shares of Apple stock. The largest bearish delta came from selling calls. The largest delta volume came from the 21-Jun-24 215 Call, with traders getting short 3,521,493 deltas on the single option contract. AAPL 20240621 215.0 CALL
Top 10 bullish stocks: $NVDA(NVDA)$, $X(X)$, $VALE(VALE)$, $VST(VST)$, $BABA(BABA)$, $SIRI(SIRI)$, $JD(JD)$, $SMCI(SMCI)$, $TSLA(TSLA)$, $DELL(DELL)$
Source: Market Chameleon
Top 10 bearish stocks: $AAPL(AAPL)$, $HPE(HPE)$, $AMZN(AMZN)$, $DJT(DJT)$, $NKLA(NKLA)$, $PATH(PATH)$, $SHOP(SHOP)$, $SOFI(SOFI)$, $SLS(SLS)$; $PFE(PFE)$
Source: Market Chameleon
If you are interested in options and you want to:
Share experiences and ideas on options trading.
Read options-related market updates/insights.
Learn more about options trading if you are a beginner in this field.
Please click to join Tiger Options Club
$(GME)$ $(NVDA)$
Comments