Market Overview
Wall Street stocks rose and the Dow Jones Industrial Average hit an all-time closing high on Tuesday (Jul 16) after U.S. retail sales data supported the view that the Federal Reserve is approaching its easing cycle, reining in inflation while avoiding a recession.
Regarding the options market, a total volume of 47,377,472 contracts was traded.
Top 10 Option Volumes
Top 10: Nvidia, Tesla, Apple, Amazon, Bank of America, Marathon Digital, SoFi Technologies, AMD, GameStop, Meta
Source: Tiger Trade App
Amazon.com rise 0.2% on Tuesday. Amazon Prime Day is here. It will be taking place all day Tuesday through 3 a.m. ET (12 a.m. PT) on Thursday.
Amazon’s Prime Day sales rose almost 12% in the first seven hours of the event compared with the same period last year, according to Momentum Commerce, which manages 50 brands in a variety of product categories.
There are 567.02K Amazon option contracts traded on Tuesday. Call options account for 81% of overall option trades. Particularly high volume was seen for the $200 strike call option expiring July 19, with 90,957 contracts trading. $AMZN 20240719 200.0 CALL$
Marathon Digital Holdings Inc stocks rose 9% on Tuesday. Major digital assets rose on Tuesday, with bitcoin (BTC-USD) surging to $65,000.
There are 507.29K Marathon Digital option contracts traded. Call options account for 70% of overall option trades. Particularly high volume was seen for the $25 strike call option expiring July 19, with 29,948 contracts trading. $MARA 20240719 25.0 CALL$
Unusual Options Activity
Source: Market Chameleon
Shopify is expected to see "solid" revenue growth in the coming years amid steady share gains in the e-commerce industry and disciplined expense spending, BofA Securities said Tuesday.
The firm upgraded its rating on the Shopify stock to buy from neutral and raised its price objective to $82 from $78. The company's US-listed shares were up 9% in Tuesday trade.
There are 274,164 Shopify option contracts traded, 3.5 times higher than the 90-day average trading volume. Call options account for 83% of overall option trades. Particularly high volume was seen for the $70 strike call option expiring July 19, with 37,798 contracts trading. The $70 strike call option expiring this Friday surged 1400% on Tuesday. $SHOP 20240719 70.0 CALL$
Source: Tiger Trade App
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 bought a net equivalent of 4,320,720 shares of Nvidia stock. The largest bullish delta came from buying calls. The largest delta volume came from the 19-Jul-24 126 Call, with traders getting long 2,206,844 deltas on the single option contract. $NVDA 20240719 126.0 CALL$
Top 10 bullish stocks: Nikola, Nvidia, Marathon Digital, GameStop, Bank of America, EOG Resources, Unity, Ford, Lucid, Tesla
Source: Market Chameleon
Top 10 bearish stocks: Archer Aviation, Sirius XM, Amazon, Apple, Microsoft, Barrick Gold, Sellas Life Sciences, SoFi, Hertz, Nike
Source: Market Chameleon
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