To The Moon

Market Overview

Wall Street stocks ended lower in choppy trading on Tuesday (Apr. 16) as Treasury yields climbed, with investors weighing the likely path of interest rates in a resilient U.S. economy with persistent inflation.

Regarding the options market, a total volume of 38,645,714 contracts was traded, down 13% from the average daily trading volume.

Top 10 Option Volumes

Top 10: $TSLA(TSLA)$, $AAPL(AAPL)$, $NVDA(NVDA)$, $AMD(AMD)$, $BAC(BAC)$, $AMZN(AMZN)$, $WBD(WBD)$, $COIN(COIN)$, $AMC(AMC)$, $DJT(DJT)$

Source: Tiger Trade App

$Tesla(TSLA)$ slipped 2.7% a day after falling over 5% on news that the EV marker plans to lay off more than 10% of its global workforce.

There are 2.23 million Tesla option contracts traded on Tuesday, up 16% from the previous trading day. Put options account for 54% of overall option trades. Particularly high volume was seen for the $150 strike put option expiring April 19, with 160,013 contracts trading. TSLA 20240419 150.0 PUT

Source: Market Chameleon

On Friday, Bitcoin is expected to undergo its “halving” event, which will slice the amount of coins that miners receive for validating transactions to 3.125 from 6.25 currently. $Coinbase(COIN)$ shares dropped 2.1% on Tuesday.

There are 252.9K Coinbase option contracts traded on Tuesday, up 40% from the previous trading day. Put options account for 52% of overall option trades. Particularly high volume was seen for the $200 strike put option expiring April 19, with 10,986 contracts trading. COIN 20240419 200.0 PUT

Source: Market Chameleon

$AMC Entertainment(AMC)$ shares soared 10.1% on Tuesday, as the stock registered its biggest daily percentage gain since Feb. 6, when it rose 10.9%.

The stock, which surged on no apparent news, also snapped a four-day losing streak. Short interest as a percentage of AMC’s public float of shares was 16.06%, according to the latest exchange data.

There are 243.3K AMC Entertainment option contracts traded on Tuesday, up 83% from the previous trading day. Call options account for 72% of overall option trades. Particularly high volume was seen for the $3 strike call option expiring April 19, with 41,001 contracts trading. AMC 20240419 3.0 CALL

Source: Market Chameleon

Unusual Options Activity

Source: Market Chameleon

$Bank of America(BAC)$ shares dropped 3.5% after the lender posted lower first-quarter profits as its loan loss provisions grew.

There are 425.6K Bank of America option contracts traded on Tuesday, up 41% from the previous trading day. Call options account for 56% of overall option trades. Particularly high volume was seen for the $37 strike call option expiring May 17, with 37,698 contracts trading. BAC 20240517 37.0 CALL

Source: Market Chameleon

U.S. lawmakers Jerry Nadler and Joaquin Castro on Tuesday raised competition concerns over the sports streaming joint venture planned by Walt Disney, Fox and Warner Bros Discovery. $Warner Bros. Discovery(WBD)$ shares dropped 2.6%.

There are 296.1.6K Warner Bros Discovery option contracts traded on Tuesday, up 225% from the previous trading day. Put options account for 56% of overall option trades. Particularly high volume was seen for the $8 strike put option expiring May 31, with 125,286 contracts trading. WBD 20240531 8.0 PUT

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 -4,194,944 shares of Apple stock. The largest bearish delta came from selling calls. The largest delta volume came from the 19-Apr-24 172.5 Call, with traders getting short 984,182 deltas on the single option contract. AAPL 20240419 172.5 CALL

Top 10 bullish stocks: $LW(LW)$, $BAC(BAC)$, $VALE(VALE)$, $MPW(MPW)$, $C(C)$, $SNAP(SNAP)$, $AI(AI)$, $ERIC(ERIC)$, $SMCI(SMCI)$, $CX(CX)$

Source: Market Chameleon

Top 10 bearish stocks: $AAPL(AAPL)$, $TSLA(TSLA)$, $AMC(AMC)$, $T(T)$, $BA(BA)$, $EXAS(EXAS)$, $AGNC(AGNC)$, $RIVN(RIVN)$, $BABA(BABA)$; $DJT(DJT)$

Source: Market Chameleon

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