To The Moon

Market Overview

The S&P 500 closed barely higher on Monday(Mar 6), giving up most of its earlier gains as investors were cautious ahead of this week's testimony from Federal Reserve Chair Jerome Powell and the closely watched U.S. jobs report.

Regarding the options market, a total volume of 33,162,353 contracts was traded on Monday, down 22% from the previous trading day.

Top 10 Option Volumes

Top 10: SPY, QQQ, AAPL, TSLA, IWM, NVDA, VIX, AMZN, HYG, AMC

Options related to equity index ETFs are popular with investors, with 8.34 million$SPDR S&P500 ETF Trust(SPY)$ (SPY) and 2.93 million$Invest QQQ Trust ETF(QQQ)$ (QQQ) options contracts trading on Monday.

Total trading volume for SPY decreased by 11%, from the previous day. 57% of SPY trades bet on bearish options.

Source: Tiger Trade APP

Goldman Sachs says Apple can rally more than 30% thanks to its services business. Analyst Michael Ng initiated coverage of the big technology stock with a buy rating and a price target of $199, implying upside of nearly 32%. Apple closed up 1.9% on Monday trading.

There are 1.51 million Apple option contracts traded on Monday. Call options account for 54% of overall option trades. Particularly high volume was seen for the $155 strike call option expiring Mar 10, with 128,131 contracts trading.

Most Active Options

1. Most Active Trading Equities Options:

Special %Calls >70%: $Bed Bath & Beyond(BBBY)$

Special %Puts >50%: $NVIDIA Corp(NVDA)$, $Silvergate Capital(SI)$

Data From CBOE Trader Alert, as of 7 Mar 2023 EDT

2. Most Active Trading ETFs Options

Special %Calls >70%: $SQQQ(SQQQ)$, $BOIL(BOIL)$, $UVXY(UVXY)$

Special %Puts >70%: $HYG(HYG)$, $ARKK(ARKK)$

Data From CBOE Trader Alert, as of 7 Mar 2023 EDT

3. Top 10 Most Active Trading Indexes options

Special %Calls >50%: $VIX(VIX)$

Special %Puts >70%: $XSP(XSP)$, $Nanos Standard & Poor's 500(NANOS)$

Data From CBOE Trader Alert, as of 7 Mar 2023 EDT

Unusual Options Activity​​

Source: Market Chameleon

Snap Inc. shares soared on Monday as lawmaker efforts to ban TikTok appeared to be gaining traction in the US.

The Snapchat owner rose 9.5% after US Senate Intelligence Committee Chairman Mark Warner told Fox News on Sunday that he plans to introduce a bill this week to allow the US to ban Chinese technology, including the social media service owned by ByteDance Ltd.

There are 483,671 Snap option contracts traded on Monday. Call options account for 66% of overall option trades. Particularly high volume was seen for the $11.5 strike put option expiring Mar 10, with 32,204 contracts trading.

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: KHC, KEY, LVS, XOM, C, GLW, EMR, MSFT, FSLR, WDC

Top 10 bearish stocks: TSLA, AAPL, META, GOOGL, AMD, AMZN, LUMN, BA, CVS, AAL

Source: Market Chameleon

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