Market Overview

Wall Street's benchmark S&P 500 index rose on Wednesday (Dec. 11) and a rally in tech stocks lifted the Nasdaq above the 20,000-point milestone for the first time, after a U.S. inflation report boosted expectations of a Federal Reserve interest rate cut.

Regarding the options market, a total volume of 46,858,200 contracts was traded, up 6% from the previous trading day.

Top 10 Option Volumes

Top 10: NVDA, TSLA, AAPL, AMD, PLTR, GOOG, SMCI, AMZN, MSTR, UBER

Source: Tiger Trade App

Tesla shares jumped almost 6% to an all-time high on Wednesday, surpassing their prior record reached in 2021, sparked by a post-election rally and Wall Street’s increased enthusiasm for Elon Musk’s electric vehicle company.

There are 2.82 million Tesla option contracts traded on Wednesday, up 5% from the previous trading day. Call options account for 62% of overall option trades. Particularly high volume was seen for the $420 strike call option expiring December 13, with 157,989 contracts trading. TSLA 20241213 420.0 CALL

Shares of ride-hailing giants Uber took a hit after General Motors announced it would cease funding the development of its Cruise robotaxi unit. The shares sank 5.8% on Wednesday.

There are 533.01K Uber option contracts traded on Wednesday, up 479% from the previous trading day. Call options account for 66% of overall option trades. Particularly high volume was seen for the $80 strike call option expiring March 21, 2025, with 27,713 contracts trading. UBER 20250321 80.0 CALL

Unusual Options Activity

Source: Market Chameleon

Shares of Google parent Alphabet surged over 5% to close at an all-time high Wednesday, after the tech giant unveiled its latest AI model with Gemini 2.0 and U.S. President-elect Donald Trump tapped Andrew Ferguson to lead the FTC.

There are 1.29 million GOOGL option contracts traded on Wednesday, up 19% from the previous trading day. Call options account for 78% of overall option trades. Particularly high volume was seen for the $195 strike call option expiring December 13, with 77,095 contracts trading. The call soared 1257% on Wednesday. GOOGL 20241213 195.0 CALL

There are 687K GOOG option contracts traded on Wednesday, up 56% from the previous trading day. Call options account for 80% of overall option trades. Particularly high volume was seen for the $200 strike call option expiring December 13, with 46,290 contracts trading. GOOG 20241213 200.0 CALL

Broadcom shares jumped 6.6% on Wednesday after a report that Apple was working with the chipmaker to develop its first server chip tailored for artificial intelligence.

There are 404.05K Broadcom option contracts traded on Wednesday, up 74% from the previous trading day. Call options account for 67% of overall option trades. Particularly high volume was seen for the $185 strike call option expiring December 13, with 19,391 contracts trading. AVGO 20241213 185.0 CALL

GameStop stock jumped 7.6% on Wednesday after the company reported a third quarter earnings surprise.

There are 403.13K GameStop option contracts traded on Wednesday, up 56% from the previous trading day. Call options account for 77% of overall option trades. Particularly high volume was seen for the $30 strike call option expiring December 13, with 35,889 contracts trading. GME 20241213 30.0 CALL

Top 10 S&P 500 Bullish & Bearish

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: SMCI, NVDA, TSLA, AMD, PLTR, AVGO, MU, GOOG, MSFT, MTCH

Top 10 bearish stocks: AAPL, AMZN, BA, UBER, WMT, BAC, HAL, CCL, ORCL; PFE

Source: Market Chameleon

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