To The Moon

Market Overview

U.S. stocks were essentially unchanged at the close of a choppy session on Monday(April 8), with a solar eclipse offering distraction ahead of crucial inflation data and the kick-off of first-quarter earnings season.

Regarding the options market, a total volume of 30,650,415 contracts was traded, down 31% from the average daily trading volume.

Top 10 Option Volumes

Top 10: $TSLA(TSLA)$, $NVDA(NVDA)$, $AAPL(AAPL)$, $AMD(AMD)$, $Verizon(VZ)$, $AMZN(AMZN)$, $META(META)$, $AT&T Inc(T)$ , $Micron Technology(MU)$ , $INTC(INTC)$

Source: Tiger Trade App

Shares of Amazon ticked 0.1% higher to close at $185.19 on Monday. In intraday trading, the stock rose as much as 1.2% to $187.29, surpassing the closing high of $186.57 set in July 2021 before paring gains, according to data compiled by Bloomberg.

There are 373.8K Amazon option contracts traded on Monday. Call options account for 65% of overall option trades. Particularly high volume was seen for the $187.5 strike call option expiring April 12, with 25,867 contracts trading.$AMZN 20240412 187.5 CALL$ 

Unusual Options Activity

Source: Market Chameleon

Paramount Global shares tumbled 7.6% Monday as investor Matrix Asset Advisors called on the entertainment giant's board not to accept what it called a "sub-optimal" takeover bid by Skydance Media. In a letter to Paramount’s board seen by Investopedia, Matrix wrote that a potential deal between controlling shareholder Shari Redstone and Skydance would be “detrimental” to the company’s value.

There are 149,157 Paramount option contracts traded on Monday, up 71% from the previous trading day. Call options account for 73% of overall option trades. Particularly high volume was seen for the $12 strike call option expiring May 17, with 15,491 contracts trading.$PARA 20240517 12.0 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 bought a net equivalent of 4,722,784 shares of Verizon stock. The largest bullish delta came from buying calls. The largest delta volume came from the 19-Apr-24 40 Call, with traders getting short 5,999,307 deltas on the single option contract.$VZ 20240419 40.0 CALL$ 

Source: Market Chameleon

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