To The Moon

Wall Street charged ahead on Thursday(Mar 7), with the S&P 500 rising 1% to a record closing high while the Nasdaq composite finished up 1.5%, with the biggest boosts from technology and growth stocks on increasing investor optimism about prospects for Federal Reserve rate cuts this year.

Regarding the options market, a total volume of 42,851,737 contracts was traded on Thursday, down 8% from the previous trading day.

Top 10 Option Volumes

Top 10: $SPY(SPY)$; $QQQ(QQQ)$; $S&P 500(.SPX)$ ; $TSLA(TSLA)$; $NVDA(NVDA)$; $AAPL(AAPL)$; $IWM(IWM)$; $Rivian Automotive, Inc.(RIVN)$ ; $Palantir Technologies Inc.(PLTR)$ ; $Meta Platforms, Inc.(META)$

Source: Tiger Trade App

Nvidia shares rose more than 4% on Thursday, bringing its market capitalization to more than $2.31 trillion, an increase of over $1 trillion from its value at the beginning of the year.

A total number of 2.06M options related to Nvidia was traded on Thursday, up 17% from the previous trading day, of which 54% were put options.

Unusual Options Activity

Source: Market Chameleon

Rivian Automotive rose 13.4% to $12.51 after shares of the electric-vehicle company were initiated with a Buy recommendation and price target of $16 at Jefferies. Rivian will be unveiling its R2 vehicle, a lower-priced product, on Thursday.

A total number of 846.5K options related to Rivian was traded on Thursday, 6 times higher than the previous trading day, of which 83% were call options. Particularly high volume was seen for the $15 strike call option expiring Jun 21, with 85,371 contracts trading.$RIVN 20240621 15.0 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 -5,924,539 shares of Apple stock. The largest bearish delta came from selling calls. The largest delta volume came from the 08-Mar-24 170 Call, with traders getting short 4,978,632 deltas on the single option contract.$AAPL 20240308 170.0 CALL$ 

Top 10 bullish stocks: NVDA, C, GOOGL, INTC, AVGO, HAL, XEL, COST, F, QCOM

Top 10 bearish stocks: AAPL, AMZN, PYPL, TSLA, ABT, AMD, WBD, GE, MSFT, CSCO

Source: Market Chameleon

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