To The Moon

Market Overview

Wall Street's three major averages closed lower on Wednesday (Sept. 6) with the Nasdaq's 1% loss leading declines after stronger-than-expected services sector data fueled concerns that still sticky inflation would mean that interest rates stay higher for longer.

Regarding the options market, a total volume of 37,398,418 contracts was traded, up 19% from the previous trading day.

Top 10 Option Volumes

Top 10: $SPY(SPY)$, $QQQ(QQQ)$, $TSLA(TSLA)$, $AAPL(AAPL)$, $NVDA(NVDA)$, $IWM(IWM)$, $AMC(AMC)$, $EEM(EEM)$, $VIX(VIX)$, $AMZN(AMZN)$

Source: Tiger Trade App

Options related to equity index ETFs are still popular with investors, with 8.3 million $SPDR S&P500 ETF Trust(SPY)$ (SPY) and 3.34 million $Invest QQQ Trust ETF(QQQ)$ (QQQ) options contracts trading on Wednesday.

$AMC Entertainment(AMC)$ shares plunged 36.8% to an all-time low on Wednesday after the movie theater chain operator announced it would sell up to 40 million shares of its Class A common stock.

There are 672.6K AMC Entertainment option contracts traded on Wednesday, up 229% from the previous trading day. Put options account for 58% of overall option trades. Particularly high volume was seen for the $10 strike put option expiring September 8, with 62,266 contracts trading. AMC 20230908 10.0 PUT

Source: Market Chameleon

Most Active Equity Options

Special %Calls >70%: $Eos Energy Enterprises Inc.(EOSE)$

Data From CBOE Trader Alert, as of 6 September 2023 EDT

Unusual Options Activity

Source: Market Chameleon

$Apple(AAPL)$ shares fell 3.6% Wednesday after a report that China banned its government officials from using the company's iPhones for work, as part of Beijing's effort to reduce its reliance on foreign technology and strengthen cybersecurity.

There are 1.8 million Apple option contracts traded on Wednesday, up 102% from the previous trading day. Call options account for 55% of overall option trades. Particularly high volume was seen for the $185 strike call option expiring September 8, with 159,820 contracts trading. AAPL 20230908 185.0 CALL

Source: Market Chameleon

TOP 10 Bullish & Bearish S&P 500

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 sold a net equivalent of -8,449,848 Apple shares of stock. The largest bearish delta came from selling calls. The largest delta volume came from the 08-Sep-23 185 Call, with traders getting short 3,808,712 deltas on the single option contract.

Top 10 bullish stocks: $UPS(UPS)$, $DLTR(DLTR)$, $F(F)$, $PEP(PEP)$, $VTRS(VTRS)$, $MET(MET)$, $JPM(JPM)$, $META(META)$, $SBUX(SBUX)$, $EBAY(EBAY)$

Top 10 bearish stocks: $AAPL(AAPL)$, $TSLA(TSLA)$, $NVDA(NVDA)$, $JNJ(JNJ)$, $T(T)$, $KVUE(KVUE)$, $BAC(BAC)$, $AMZN(AMZN)$, $NEE(NEE)$; $GOOG(GOOG)$

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