To The Moon

Market Overview

Wall Street closed higher on Friday (Jul 12), with the S&P 500 and Dow Jones Industrial Average hitting intraday record highs, on bets that the U.S. Federal Reserve will cut interest rates in September, while big banks fell after reporting mixed results.

Regarding the options market, a total volume of 52,978,798 contracts was traded.

Top 10 Option Volumes

Top 10: $Nvidia(NVDA)$, $Tesla(TSLA)$, $Apple(AAPL)$, $AMD(AMD)$, $Rivian(RIVN)$, $Amazon(AMZN)$, $Meta(META)$, $Intel(INTC)$, $Lucid(LCID)$, $Marathon Digital(MARA)$

Source: Tiger Trade App

On Friday, Citi updated its stance on $Tesla Motors(TSLA)$ stock, boosting the electric vehicle maker's price target significantly to $274 from the previous $182. Shares of Tesla rise 3%.

Tesla shares rose over 5% in overnight trading on Monday. Elon Musk, the billionaire CEO of Tesla, said he "fully endorsed" Donald Trump, calling the Republican presidential candidate "tough."

There are 39.44B Tesla option contracts traded on Friday, 1.8 times higher than the 90-day average trading volume. Call options account for 53% of overall option trades. Particularly high volume was seen for the $250 strike call option expiring July 12, with 336,528 contracts trading.

Marathon Digital rose 9% on Friday after B. Riley raised their price target on the stock from $18.00 to $20.00.

Bitcoin, which trades around the clock, surged after former President Donald Trump was shot, potentially a reaction both to the perceived increased likelihood the Republican will win November’s presidential election as well as to a more unstable political environment. $Marathon Digital Holdings Inc(MARA)$ rose 8% in overnight trading on Monday.

There are 441.59K Marathon Digital option contracts traded on Friday. Call options account for 76% of overall option trades. Particularly high volume was seen for the $20 strike call option expiring July 12, with 34,859 contracts trading.

Unusual Options Activity

Source: Market Chameleon

$Rivian Automotive, Inc.(RIVN)$ shares rose 8% on Friday after Mizuho raised their price target on the stock from $11.00 to $15.00.

There are 768,088 Rivian option contracts traded on Friday, 3.9 times higher than the 90-day average trading volume. Call options account for 68% of overall option trades. Particularly high volume was seen for the $20 strike call option expiring July 19, with 36,102 contracts trading. $RIVN 20240719 20.0 CALL$

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 650,278 shares of $Palantir Technologies Inc.(PLTR)$ stock. The largest bearish delta came from selling calls. The largest delta volume came from the 12-Jul-24 28 Call, with traders getting short 624,748 deltas on the single option contract.

Top 10 bullish stocks: $PNC Financial Services(PNC)$, $Bumble(BMBL)$, $Marathon Digital(MARA)$, $Quantumscape(QS)$, $GameStop(GME)$, $JD.com(JD)$, $Rivian(RIVN)$, $iQiyi(IQ)$, $AbbVie(ABBV)$, $Palantir(PLTR)$

Source: Market Chameleon

Top 10 bearish stocks: $Nvidia(TSLA)$, $Amazon(AMZN)$, $Apple(AAPL)$, $Sirius XM(SIRI)$, $Nvidia(NVDA)$, $American Airlines(AAL)$, $BlackBerry(BB)$, $Walgreens Boots Alliance(WBA)$, $AMD(AMD)$, $Riot Platforms(RIOT)$

Source: Market Chameleon

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