Market Overview
The S&P 500 and Nasdaq ended sharply higher on Monday (July 6), with Broadcom and other chip stocks rallying as investors bought shares in companies related to artificial intelligence that are expected to drive a strong second-quarter earnings season.
Regarding the options market, a total volume of 56,100,547 contracts was traded, of which 59% were call options.
Top 10 Option Volumes
Top 10: TSLA, NVDA, AAPL, AMZN, SPCX, META, MSFT, INTC, MU, SOFI
One of the most notable bullish options trades in Tesla was a synthetic long position valued at $19.65 million. Based on the increase in open interest the following trading day, the position appears to have been initiated by buying the January 21, 2028 $570 call while simultaneously selling the January 21, 2028 $370 put, creating a classic long call/short put synthetic long.
Source: Tiger Trade App
The strategy finances part of the call purchase by collecting premium from the short put, effectively replicating the economics of a long forward position rather than pursuing a premium-income strategy. The structure points to a clear medium- to long-term bullish directional view. With Tesla shares closing at $393.45, both the short $370 put and the long $570 call were out of the money at the time of the trade. By assuming downside obligations while maintaining upside exposure through a higher strike over a long-dated horizon, the trader is signaling confidence that Tesla shares have substantial upside potential over the coming years.
Unusual Options Activity
Apple's most significant block trade was a $14.10 million purchase of call options. The sharp increase in open interest the following session indicates the trade was most likely the opening of a new bullish position.
Source: Tiger Trade App
The transaction involved the purchase of 9,310 December 18, 2026 $330 call contracts. With Apple shares trading at $308.63, the options were out of the money, suggesting investors were willing to pay premium for long-dated upside exposure.
Large purchases of long-dated out-of-the-money calls are typically viewed as a sign of a strong medium- to long-term bullish outlook. In this case, the buyer appears to be positioning for Apple shares to rise above $330, while using the leverage embedded in call options to amplify potential gains from a sustained rally.
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