Option Movers｜Intel's Trading Volume Surges on Upbeat Sales Forecast; SoFi Sees 79% Call Ratio
Market Overview
U.S. stocks closed down on Wednesday(Jun 1). The House passed debt-limit legislation forged by President Joe Biden and Speaker Kevin McCarthy that would impose restraints on government spending through the 2024 election and avert a destabilizing US default.
Regarding the options market, a total volume of 38,849,489 contracts was traded, down 0.8% from the previous trading day.
Top 10 Option Volumes
Top 10: $SPY(SPY)$; $QQQ(QQQ)$; $TSLA(TSLA)$; $NVDA(NVDA)$; $AAPL(AAPL)$; $IWM(IWM)$; $SoFi Technologies Inc.(SOFI)$; $AMZN(AMZN)$; $Intel(INTC)$ ; $AMD(AMD)$
Source: Tiger Trade App
Options related to equity index ETFs are still popular with investors, with 8.07 million $SPDR S&P500 ETF Trust(SPY)$ (SPY) and 2.93 million $Invest QQQ Trust ETF(QQQ)$ (QQQ) options contracts trading on Wednesday.
Intel was the biggest gainer on the S&P 500, jumping 4.8% as the chipmaker said it was on track to hit the upper end of its second-quarter revenue forecast. Intel has risen 14.7% in its biggest three-day rally since March 2009.
There are 776.2K Intel option contracts traded on Wednesday. Call options account for 80% of overall option trades. Particularly high volume was seen for the $32 strike call option expiring Jun 2, with 50,618 contracts trading.
Most Active Options
1. Most Active Trading Equities Options:
Special %Calls >70%: $Intel(INTC)$, $SoFi Technologies Inc.(SOFI)$, $Ford(F)$
Data From CBOE Trader Alert, as of 1 June 2023 EDT
2. Most Active Trading ETFs Options
Special %Calls >70%: $Nasdaq100 Bear 3X ETF(SQQQ)$, $VIX Short-Term Futures 1.5X ETF(UVXY)$, $iShares Silver Trust(SLV)$
Data From CBOE Trader Alert, as of 1 June 2023 EDT
Special %Puts >70%: $SPDR S&P Regional Banking ETF(KRE)$; $Financial Select Sector SPDR Fund(XLF)$, $iShares iBoxx $ High Yield Corporate Bond ETF(HYG)$
Data From CBOE Trader Alert, as of 1 June 2023 EDT
Unusual Options Activity
Source: Market Chameleon
SoFi Technologies (NASDAQ:SOFI) stock surged 15.1% in Wednesday trading as the debt ceiling deal included a plan to resume student loan payments in August, a move which significantly benefits SoFi.
There are 856,135 SoFi option contracts traded on Wednesday. Call options account for 79% of overall option trades. Particularly high volume was seen for the $7 strike call option expiring Jun 2, with 105,202 contracts trading.
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: TSLA, AMZN, GS, UAL, BAC, NEE, CRM, LVS, INTC, BMY
Top 10 bearish stocks:AAPL, AMD, LMT, NVDA, KHC, PFE, PYPL, GOOG, AAP, ABBV
Source: Market Chameleon
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Look at the SOFI high today of $7.60 which was .49 cents above the $7.11 price on Friday.
Be aware the SOFI low today of $7.07 was .38 cents over Friday's low of only $6.71 but that's not
It doesn’t really matter if they’re subsidized or unsubsidized loans. SOFI is a good risk reward play for the long term.
SPY, QQQ, TSLA, NVDA... it's like the alphabet soup of the stock market. Time to dive in and make some gains
Ah, the usual suspects making it to the top 10 option volumes. These stocks really know how to steal the show
Options market volume was slightly down, but don't worry, it's just taking a breather before the next big move
So, the House passed some debt-limit legislation. Can we get a round of applause for government spending restraints
Well, looks like the stock market took a little tumble, but hey, we'll bounce back
Amazing how all the articles are super positive about SOFI now
these are the names setting up for a bearish-to-bullish reversal: Sofi