Option Movers｜Traders Bet Tesla to $200; SMCI's Volume Surges 32% on Joining the S&P 500
U.S. stocks closed slightly lower on Monday(Mar 4) after a choppy trading day as investors took a pause ahead of economic data and Fed Chair Jerome Powell's congressional testimony.
Regarding the options market, a total volume of 44,123,628 contracts was traded on Monday, down 14% from the previous trading day.
Top 10 Option Volumes
Top 10: $SPY(SPY)$; $QQQ(QQQ)$; $TSLA(TSLA)$; $NVDA(NVDA)$; $AAPL(AAPL)$; $Advanced Micro Devices(AMD)$ ; $IWM(IWM)$; $Intel(INTC)$ ; $iShares China Large-Cap ETF(FXI)$ ; $Alphabet(GOOGL)$
Source: Tiger Trade App
Tesla shares fell more than 7% Monday after new sales data showed deliveries from its Shanghai Gigafactory at their lowest level in more than a year due to the recent Chinese Lunar New Year and domestic competition.
A total number of 2.31M options related to Tesla was traded on Monday, of which 62% were call options. Particularly high volume was seen for the $200 strike call option expiring Mar 8, with 151,772 contracts trading.$TSLA 20240308 200.0 CALL$
Unusual Options Activity
Source: Market Chameleon
Super Micro Computer, a maker of servers that help with artificial-intelligence applications, will join the S&P 500 before the opening of trading on March 18. Shares of Super Micro surged 18.7%.
A total number of 411,005 options related to SMCI was traded on Monday, up 32% from the previous trading day, of which 59% were call options. Particularly high volume was seen for the $1200 strike call option expiring Mar 8, with 19,163 contracts trading.$SMCI 20240308 1200.0 CALL$
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 sold a net equivalent of -4,165,705 shares of apple stock. The largest bearish delta came from selling calls. The largest delta volume came from the 08-Mar-24 175 Call, with traders getting short 1,947,688 deltas on the single option contract.$AAPL 20240308 175.0 CALL$
Top 10 bullish stocks: NVDA, HPE, GOOGL, MO, HAL, NEM, CTLT, MTCH, K, VFC
Top 10 bearish stocks: AAPL, TSLA, AAL, AMZN, INTC, UBER, C, AMD, PFE
Source: Market Chameleon
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