Market Overview
The S&P 500 closed out the week with slight gains on Thursday(Mar 28), with the benchmark index notching its strongest first quarter in five years, as investors digested the latest batch of economic data while looking towards the next inflation reading.
Regarding the options market, a total volume of 41,265,242 contracts was traded, up 17% from the previous trading day.
Top 10 Option in Total Volumes
Top 10: TSLA, NVDA, AAPL, AMD, Marathon Digital Holdings Inc , Amazon.com , Palantir Technologies Inc. , Meta Platforms, Inc. , Trump Media & Technology , AMC Entertainment
Source: Tiger Trade App
AMC Entertainment shares dropped 14.29% after the movie theater chain said in a filing it will sell $250 million worth of stock.
There are 292.83K AMC option contracts traded on Thursday, up 178% from the previous trading day. Call options account for 58% of overall option trades. Particularly high volume was seen for the $4 strike call option expiring April 5, with 23,906 contracts trading.$AMC 20240405 4.0 CALL$
Unusual Options Activity
Source: Market Chameleon
Kerrisdale Capital said Thursday that it is short shares of Microstrategy, Inc., despite also being long Bitcoin. Microstrategy shares dropped 11.18% on Thursday.
There are 156,868 Microstrategy option contracts traded on Thursday, up 162% from the previous trading day. Call options account for 53% of overall option trades.
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 796,125 shares of Microsoft stock. The largest bullish delta came from buying calls. The largest delta volume came from the 17-May-24 380 Call, with traders getting long 433,810 deltas on the single option contract.$MSFT 20240517 380.0 CALL$
Top 10 bullish stocks: MSFT, XOM, BAC, AAL, KDP, LUV, KEY, WFC, UPS, SMCI
Top 10 bearish stocks: TSLA, AAPL, C, AMZN, AMD, GOOGL, FCX, MU, PFE, NVDA
Source: Market Chameleon
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