Option Movers｜Carvana’s and GameStop’s Volume Rose 700% and 30% Separately; Sea Had 80% Call Options
Market Overview
U.S. stocks closed higher on Thursday(June.8) regaining some of their momentum thanks to a rebound by technology stocks, while volatility dropped to record lows ahead of an eventful economic and policy calendar next week.
The Dow Jones Industrial Average rose 0.5%, the S&P 500 gained 0.62%, and the Nasdaq Composite added 1.02%.
Regarding the options market, a total volume of 39,421,696 contracts was traded on Thursday(June.8), down 18.64% from the previous trading day.
Top 10 Option Volumes
Top 10: $SPDR S&P 500 ETF Trust(SPY)$, $Invesco QQQ Trust(QQQ)$, $Tesla Motors(TSLA)$, $Cboe Volatility Index(VIX)$, $NVIDIA Corp(NVDA)$, $Apple(AAPL)$, $iShares Russell 2000 ETF(IWM)$, $Amazon.com(AMZN)$, $Carvana Co.(CVNA)$, $Advanced Micro Devices(AMD)$
Options related to equity index ETFs are popular with investors, with 7.87 million $SPDR S&P 500 ETF Trust(SPY)$ and 3.33 million $Invesco QQQ Trust(QQQ)$ options contracts trading on Thursday(June.8).
$SPDR S&P 500 ETF Trust(SPY)$’s volume fell 10.87% while $Invesco QQQ Trust(QQQ)$’s volume slid 20.33% from the previous day. 54% of $SPDR S&P 500 ETF Trust(SPY)$ trades bet on bearish options.
$Carvana Co.(CVNA)$ surged 56.02% on Thursday as it expects to post adjusted earnings, before interest, taxes, depreciation and amortization, of more than $50 million for the second quarter.
There were 781,956 $Carvana Co.(CVNA)$ option contracts traded on Thursday, surging over 700% from the previous day. Call options account for 66% of overall option trades. Particularly high volume was seen for the $25 strike call option expiring June 9, with 35,046 contracts trading.
Source: Tiger Trade App
Most Active Options
1. Most Active Trading Equities Options:
Special %Calls >70%: $SoFi Technologies Inc.(SOFI)$, $Affirm Holdings, Inc.(AFRM)$, $Alphabet(GOOG)$
Data From CBOE Trader Alert, as of 8 June 2023 EDT
2. Most Active Trading ETFs Options
Special %Calls >70%: $Nasdaq100 Bear 3X ETF(SQQQ)$, $iShares 20+ Year Treasury Bond ETF(TLT)$, $iShares Silver Trust(SLV)$, $X-trackers Harvest CSI 300 China A-Shares Fund(ASHR)$
Special %Puts >70%: $SPDR S&P Regional Banking ETF(KRE)$
Data From CBOE Trader Alert, as of 8 June 2023 EDT
Unusual Options Activity
Source: Market Chameleon
$GameStop(GME)$ crashed 17.89% on Thursday after the company delivered lackluster fiscal 1Q earnings results and said it terminated its chief executive, Matt Furlong.
There were 361,568 $GameStop(GME)$ option contracts traded on Thursday, jumping over 30% from the previous day. Call options account for 61% of overall option trades. Particularly high volume was seen for the $20 strike put option expiring June 9, with 16,462 contracts trading.
$Sea Ltd(SE)$ rose 4.22% on Thursday as Andre Soelistyo will step down as chief executive officer of GoTo Group, he will be replaced by Patrick Walujo, managing partner of private equity firm Northstar Group.
There were 59,690 $Sea Ltd(SE)$ option contracts traded on Thursday. Call options account for 80% of overall option trades. Particularly high volume was seen for the $64 strike call option expiring June 16, with 8,802 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: $Tesla Motors(TSLA)$, $Williams(WMB)$, $Advanced Micro Devices(AMD)$, $NVIDIA Corp(NVDA)$, $Micron Technology(MU)$, $Boeing(BA)$, $AbbVie(ABBV)$, $Southern(SO)$, $Bank of America(BAC)$, $Johnson & Johnson(JNJ)$
Top 10 bearish stocks: $FedEx(FDX)$, $Amazon.com(AMZN)$, $Apple(AAPL)$, $VF Corp(VFC)$, $Alphabet(GOOG)$, $American Airlines(AAL)$, $Carnival(CCL)$, $Microsoft(MSFT)$, $AT&T Inc(T)$, $Ford(F)$
Source: Market Chameleon
If you are interested in options and you want to:
Share experiences and ideas on options trading.
Read options-related market updates/insights.
Learn more about options trading if you are a beginner in this field.
Please click to join Tiger Options Club
$(CVNA)$ $(SE)$ $(GME)$Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Options trading was buzzing, but the volume dipped. Maybe traders needed a breather after all the action. 📈
Wow, technology stocks rebounded and volatility dropped! The market's like a rollercoaster ride, but less nauseating.
GameStop crashed, but options trading went through the roof. Talk about adding insult to injury!
Carvana Co. had a crazy surge, making some investors richer than a winning lottery ticket! 🚀
SPY and QQQ options were on fire! It's like everyone wanted a piece of those equity index ETFs
Great ariticle, would you like to share it?