Market Overview

The S&P 500 soared 9.5% on Wednesday (Apr. 9) for its biggest daily gain since 2008 after U.S. President Donald Trump declared an immediate 90-day tariff pause for many countries, bringing some relief to investors worried about the global economic impact of U.S. trade policies.

Regarding the options market, a total volume of 75,604,103 contracts was traded, up 24% from the previous trading day.

Top 10 Option Volumes

Top 10: NVDA, TSLA, AAPL, VIX, PLTR, AMZN, AMD, INTC, MSTR, META

Source: Tiger Trade App

The "Magnificent Seven" stocks amassed more than $1.5 trillion in market value on Wednesday after U.S. President Donald Trump paused his sweeping tariffs for 90 days, easing pressure on tech giants that had tumbled in recent sessions.

Shares of the companies - AI chip giant Nvidia, Apple, Tesla, Microsoft, Alphabet Facebook-parent Meta and Amazon - closed up between 9.68% and 22.69%, powering a market rally that pushed the Nasdaq up more than 12%.

There are 6.93 million Nvidia option contracts traded on Wednesday, up 51% from the previous trading day. Call options account for 61% of overall option trades. Particularly high volume was seen for the $105 strike call option expiring April 11, with 248,624 contracts trading. NVDA 20250411 105.0 CALL

There are 3.27 million Tesla option contracts traded on Wednesday, up 32% from the previous trading day. Call options account for 54% of overall option trades. Particularly high volume was seen for the $230 strike put option expiring April 11, with 74,294 contracts trading. TSLA 20250411 230.0 PUT

There are 2.24 million Apple option contracts traded on Wednesday, up 27% from the previous trading day. Call options account for 61% of overall option trades. Particularly high volume was seen for the $200 strike call option expiring April 11, with 72,044 contracts trading. AAPL 20250411 200.0 CALL

Unusual Options Activity

Source: Market Chameleon

Direxion Daily Semiconductors Bull 3x Shares (SOXL) and ProShares UltraPro QQQ (TQQQ) were in a predicament as the US stock market rebounded sharply. SOXL surgedd 54.8% on Wednesday, while TQQQ jumped 35.2%.

There are 860.9K SOXL option contracts traded on Wednesday, up 41% from the previous trading day. Call options account for 70% of overall option trades. Particularly high volume was seen for the $11 strike call option expiring April 11, with 30,059 contracts trading. SOXL 20250411 11.0 CALL

There are 829.2K TQQQ option contracts traded on Wednesday, up 42% from the previous trading day. Call options account for 64% of overall option trades. Particularly high volume was seen for the $50 strike call option expiring April 11, with 38,729 contracts trading. TQQQ 20250411 50.0 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: NVDA, TSLA, PLTR, AAPL, C, SMCI, WBA, INTC, MSFT, WFC

Top 10 bearish stocks: BAC, T, PFE, LUV, KR, F, EXE, KO, VZ; FSLR

Source: Market Chameleon

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