Dow ends with first day of gains in five sessions. The tech-heavy Nasdaq closed lower on Wednesday (Nov 20), taking a break from the prior session's rally as investors worried about escalating Russia-Ukraine tensions and weak results from Target.
Regarding the options market, a total volume of 40,192,949 contracts was traded on Wednesday.
Top 10 Option Volumes
Top 10: NVDA; TSLA; MSTR; MARA; SMCI; AAPL; TGT; AMZN; PLTR; GME
Source: Tiger Trade App
Shares of MicroStrategy jumped 10% on Wednesday after announcing the pricing of a new private offering of $2.6 billion in convertible senior notes due in 2029. The Bitcoin holdings company continued to fly another 10% in premarket trading as Bitcoin climbed closer to $100,000.
MicroStrategy stock ended Wednesday as Wall Street’s second-most traded stock, as its large acquisitions of the world’s leading cryptocurrency piqued the market’s interest.
MicroStrategy recorded volumes of $33.27 billion, trailing only artificial intelligence juggernaut Nvidia Corp., according to data from TradingView. In fact, at one point, MicroStrategy bettered Nvidia’s trading volume.
A total number of 1.01 million options related to MicroStrategy was traded, of which 63% were call options. A particularly high volume was seen for the $530 strike call option, with 34,190 contracts trading as of Wednesday.
Source: Market Chameleon
Unusual Options Activity
Source: Market Chameleon
Shares of Snowflake soared 20% in premarket trading after the software company reported quarterly results that beat Wall Street's estimates.
Snowflake posted third-quarter adjusted earnings of 20 cents a share on revenue of $942.1 million. Analysts surveyed by FactSet were expecting earnings of 15 cents a share on revenue of $899 million.
Investors bet on Snowflake stock before earnings release. A total number of 200,098 options related to Snowflake was traded, 2.8 times higher than the 90-day average trading volume. Market sentiment for Snowflake is quite bullish.
Based on option delta volume, traders bought a net equivalent of 87,382 shares of stock. The largest delta volume came from the 17-Jan-25 $140 Call, with traders getting long 68,206 deltas on the single option contract.
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: NVDA; EQT; META; DIS; AMCR; WBD; ENPH; CCL; WMT; PG
Top 10 bearish stocks: AMZN; TGT; PFE; BAC; INTC; MSFT; AES; AAPL; GOOG; F
Source: Market Chameleon