To The Moon

Wall Street surged to a higher close on Friday(May 3) as a softer-than-expected employment report bolstered the case for rate cuts from the Federal Reserve while also providing evidence of U.S. economic resilience.

Regarding the options market, a total volume of 45,462,963 contracts was traded on Friday.

Top 10 Option Volumes

Top 10: $AAPL(AAPL)$; $TSLA(TSLA)$; $NVDA(NVDA)$; $AMD(AMD)$; $AMZN(AMZN)$; $META(META)$; $Palantir Technologies Inc.(PLTR)$; $GameStop(GME)$; $Coinbase Global, Inc.(COIN)$; $Paramount Global(PARA)$

Source: Tiger Trade App

$Apple(AAPL)$ jumped around 6% after announcing it would repurchase $110 billion in shares. Apple also posted beats on the top and bottom lines, reporting fiscal second-quarter earnings of $1.53 per share on $90.75 billion in revenue. That topped analysts’ estimates for earnings of $1.50 per share on revenue of $90.01 billion, per LSEG.

A total number of 2893.85K options related to AAPL shares was traded, up 130% from the previous trading day, of which call options accounted for 65%. A particularly high trading volume was seen for the $190 strike call option expiring May 10, with a total number of 126,580 options contracts trading as of Friday.$AAPL 20240510 190.0 CALL$ 

Unusual Options Activity

Source: Market Chameleon

GameStop shares ended Friday's session up 29.1% to continue their rally and register their biggest daily percentage gain since March 22, 2023, when they rose 35.2%. The stock $(GME)$ ended Thursday's session up 17% on no apparent news as the videogame retailer and original meme stock snapped a three-day losing streak.

A total number of 430.03K options related to GME shares was traded, up 99% from the previous trading day, of which call options accounted for 84%. A particularly high trading volume was seen for the $30 strike call option expiring May 17, with a total number of 29,398 options contracts trading as of Friday.$GME 20240517 30.0 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 -4,037,736 shares of Apple stock. The largest bearish delta came from selling calls. The largest delta volume came from the 03-May-24 185 Call, with traders getting short 8,375,210 deltas on the single option contract.

Top 10 bullish stocks: NVDA, SMCI, MSFT, INTC, GILD, FTNT, BAC, MU, WBD, MS

Top 10 bearish stocks: AAPL, AMD, CVS, PARA, GOOGL, RTX, T, SBUX, TSLA, GOOG

Source: Market Chameleon

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