Option Movers | Tesla's Volume Surges 63% After Deliveries Falling for First Time Since 2020; GDX Shows Bullish Sentiment
U.S. stocks fell on Tuesday as investors weighed chances that the Federal Reserve could delay cutting interest rates, while Tesla shares dropped after the electric car maker posted fewer quarterly deliveries for the first time in nearly four years.
Regarding the options market, a total volume of 35,829,008 contracts was traded on Tuesday.
Top 10 Option Volumes
Top 10:$TSLA(TSLA)$; $NVDA(NVDA)$; $AAPL(AAPL)$; $AMD(AMD)$; $PLTR(PLTR)$; $Nikola Corporation(NKLA)$ ; $Meta Platforms, Inc.(META)$ ; $AMZN(AMZN)$; $Citigroup(C)$ ; $MU(MU)$
Source: Tiger Trade App
Tesla reported first-quarter deliveries of 386,810 electric vehicles, well below Wall Street forecasts of 457,000. The company-compiled consensus number for deliveries was about 443,000 units. Tesla reported 423,000 deliveries in the first quarter of 2023. Tesla shares fell 4.9%.
A total number of 2124.86K options related to TSLA shares was traded, up 63% from the previous trading day, of which 53% were put options. A particularly high trading volume was seen for the $160 strike put option expiring this Friday, with a total number of 136,146 options contracts trading as of Tuesday.$TSLA 20240405 160.0 PUT$
Unusual Options Activity
Source: Market Chameleon
Gold held near a fresh record and silver hit a two-year high as two Federal Reserve officials said they still expect the US central bank to cut rates three times in 2024, buoying the outlook for the precious metals.
A total number of 378,397 options related to Vaneck Gold Miners ETF shares was traded, of which 77% were call options. A particularly high trading volume was seen for the $35 strike call option expiring May 17, with a total number of 48,698 options contracts trading as of Tuesday.$GDX 20240517 35.0 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 -1,666,189 shares of Apple stock. The largest bearish delta came from selling calls. The largest delta volume came from the 05-Apr-24 170 Call, with traders getting short 1,408,082 deltas on the single option contract.$AAPL 20240405 170.0 CALL$
Top 10 bullish stocks: TSLA, BAC, NVDA, QCOM, PSX, VZ, SLB, CVS, UAL, INTC
Top 10 bearish stocks: AAPL, OXY, GOOGL, AMD, FCX, CCL, C, T, VFC, DAL
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
$(TSLA)$ $(GDX)$ $(AAPL)$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.
