To The Moon

U.S. stocks closed higher on Friday (April 29), buoyed by a rally in megacap growth stocks following robust quarterly results from technology heavyweights Alphabet and Microsoft in addition to moderate inflation data.

Regarding the options market, a total volume of 44,051,805 contracts was traded on Friday.

Top 10 Option Volumes

Top 10:$TSLA(TSLA)$; $NVDA(NVDA)$; $GOOGL(GOOGL)$; $META(META)$; $INTC(INTC)$; $MSFT(MSFT)$; $AMZN(AMZN)$; $AAPL(AAPL)$; $SNAP(SNAP)$; $AMD(AMD)$

Source: Tiger Trade App

$Alphabet(GOOGL)$ posted better-than-expected first-quarter earnings and revenue and the parent company of Google announced it would be paying its first dividend of 20 cents a share. Alphabet also said its board authorized the repurchase of up to $70 billion in stock. Alphabet shares gained 10%. The company’s market cap crossed $2 trillion, making Alphabet the fourth U.S. company to reach that milestone, joining Apple, Nvidia, and Microsoft.

Source: Tiger Trade App

A total number of 1.02 million options related to GOOGL shares was traded, of which call options accounted for 73%. A particularly high trading volume was seen for the $175 strike call option expiring this Friday, with a total number of 64,107 options contracts trading as of Friday.

Source: Market Chameleon

Shares of $Nvidia(NVDA)$ jumped 6.2% on Friday, following strong earnings from big tech companies including Microsoft and Alphabet. Notably, the earnings highlighted the strong demand for AI solutions, including cutting-edge AI chips that power most AI applications. These chips are developed by Nvidia and its peers.

A total number of 2.7 million options related to NVDA shares was traded. A particularly high trading volume was seen for the $900 strike call option, with a total number of 91,670 open interest as of Friday.

Source: Market Chameleon

Based on option delta volume, traders bought a net equivalent of 4,670,170 shares of Nvidia stock. The largest bullish delta came from buying calls.

Source: Market Chameleon

Unusual Options Activity

Source: Market Chameleon

$Snap(SNAP)$ shares spiked 27.6% on Friday after beating Wall Street's expectations for quarterly revenue and user growth, as improvements to its advertising system delivered results faster than anticipated.

Source: Tiger Trade App

A total number of 689.2K options related to Snap shares was traded, of which 65% were call options. A particularly high trading volume was seen for the $15 strike call option expiring this Friday, with a total number of 41,240 options contracts trading as of Friday.

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.

Top 10 bullish stocks: $NVDA(NVDA)$; $SOFI(SOFI)$; $GME(GME)$; $C(C)$; $BAC(BAC)$; $META(META)$; $LCID(LCID)$; $GOOG(GOOG)$; $PAA(PAA)$; $SMCI(SMCI)$

Top 10 bearish stocks: $TSLA(TSLA)$; $DNN(DNN)$; $F(F)$; $EPD(EPD)$; $T(T)$; $RIVN(RIVN)$; $MARA(MARA)$; $GOLD(GOLD)$; $AG(AG)$; $FCX(FCX)$

Source: Market Chameleon

Based on option delta volume, traders sold a net equivalent of -2,016,612 shares of $Tesla(TSLA)$ stock. The largest bearish delta came from selling calls. The largest delta volume came from the 26-Apr-24 170 Call, with traders getting short 6,930,744 deltas on the single option contract.

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