Market Overview
Major U.S. stock indexes ended higher on Thursday(April 6), helped by a rally in Alphabet shares as investors, worried about a slowing economy, looked to upcoming jobs data.
Regarding the options market, a total volume of 35,613,636 contracts was traded, up 0.7% from the previous trading day.
Top 10 Option Volumes
Top 10: $SPY(SPY)$; $QQQ(QQQ)$; $Tesla(TSLA)$; $AMC Entertainment(AMC)$; $IWM(IWM)$; $Apple(AAPL)$; $Nvidia(NVDA)$; $Cboe Volatility Index(VIX)$ ; $Alphabet(GOOGL)$ ; $Amazon(AMZN)$
Source: Tiger Trade APP
AMC Entertainment Holdings Inc surged 21% after a U.S. court denied the theater operator's request to lift a status quo order necessary for its plan to convert preferred shares to common shares.
There are 1.42M AMC option contracts traded on Thursday. Trading volume surged 122% from the previous trading day. Put options account for 60% of overall option trades.
Alphabet Inc rallied 3.8% and Microsoft climbed 2.6%, with both providing more fuel than any other stocks for the S&P 500's gain for the session. Alphabet's Google unit plans to add artificial intelligence features to its search engine, the Wall Street Journal reported.
There are 703.6K Alphabet option contracts traded on Thursday. Call options account for 72% of overall option trades.
Most Active Options
1. Most Active Trading Equities Options:
Special %Calls >70%: $Alibaba(BABA)$ ; $Alphabet(GOOGL)$
Data From CBOE Trader Alert, as of 7 April 2023 EDT
Special %Puts >60%: $Shopify(SHOP)$ ; $Coinbase Global, Inc.(COIN)$
Data From CBOE Trader Alert, as of 7 April 2023 EDT
2. Most Active Trading ETFs Options
Special %Calls >70%: $ARK Innovation ETF(ARKK)$ ; $Nasdaq100 Bear 3X ETF(SQQQ)$ ; $VIX Short-Term Futures 1.5X ETF(UVXY)$; $United States Natural Gas Fund LP(UNG)$ ; $iShares Silver Trust(SLV)$ ; $iShares 20+ Year Treasury Bond ETF(TLT)$
Data From CBOE Trader Alert, as of 7 April 2023 EDT
Special %Puts >70%: $iShares MSCI Brazil ETF(EWZ)$; $iShares Russell 2000 ETF(IWM)$ ; $Energy Select Sector SPDR Fund(XLE)$
Data From CBOE Trader Alert, as of 7 April 2023 EDT
Unusual Options Activity
Source: Market Chameleon
AMC and Alphabet also saw usual options activity. AMC’s particularly high volume was seen for the $5 strike call option expiring April 6, with 95,224 contracts trading on Thursday.
Alphabet’s particularly high volume was seen for the $105 strike call option expiring April 6, with 36,613 contracts trading on Thursday.
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: AAPL, BAC, T, TFC, UAL, PCG, AAL, MSFT, WBD, KEY
Top 10 bearish stocks: TSLA, GOOGL, GOOG, NVDA, MU, AMD, AMZN, META, JNJ, XOM
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