Market Overview

Wall Street's indexes rose on Wednesday (Jan. 22), with the benchmark S&P 500 hitting an intraday record high as investors cheered streaming video provider Netflix's quarterly report and President Donald Trump's private-sector artificial intelligence infrastructure investment plan.

Regarding the options market, a total volume of 46,178,140 contracts was traded, down 5% from the previous trading day.

Top 10 Option Volumes

Top 10: NVDA, TSLA, VIX, AAPL, AMZN, PLTR, AMD, MSFT, NFLX, AAL

Source: Tiger Trade App

U.S. President Donald Trump talked up a joint venture investing up to $500 billion for infrastructure tied to artificial intelligence by a new partnership formed by OpenAI, Oracle and SoftBank.

The announcement of the venture lifted AI-related stocks. Oracle shares jumped 6.8% on Wednesday. Nvidia, the leading maker of artificial-intelligence chips, rose 4.4%. The chip designer Arm Holdings rallied 15.9%, putting it on pace for its largest daily percentage increase since Feb. 12, when it rose 29%. While Microsoft also gained 4.1%.

There are 4.53 million Nvidia option contracts traded on Wednesday, up 51% from the previous trading day. Call options account for 72% of overall option trades. Particularly high volume was seen for the $150 strike call option expiring January 24, with 250,297 contracts trading. NVDA 20250124 150.0 CALL

There are 562.31K Microsoft option contracts traded on Wednesday, up 149% from the previous trading day. Call options account for 68% of overall option trades. Particularly high volume was seen for the $450 strike call option expiring January 24, with 54,780 contracts trading. MSFT 20250124 450.0 CALL

There are 348.47K Oracle option contracts traded on Wednesday, up 44% from the previous trading day. Call options account for 77% of overall option trades. Particularly high volume was seen for the $190 strike call option expiring January 24, with 24,714 contracts trading. ORCL 20250124 190.0 CALL

There are 285.96K Arm option contracts traded on Wednesday, up 178% from the previous trading day. Call options account for 65% of overall option trades. Particularly high volume was seen for the $185 strike call option expiring January 24, with 18,605 contracts trading. ARM 20250124 185.0 CALL

Unusual Options Activity

Source: Market Chameleon

Netflix shares soared almost 10% to an all-time high on Wednesday after the streaming giant's big bet on sports helped add a record 18.9 million subscribers in the holiday quarter, ballooning its already sizeable advantage over other players.

There are 549.26K Netflix option contracts traded on Wednesday, up 88% from the previous trading day. Call options account for 60% of overall option trades. Particularly high volume was seen for the $1000 strike call option expiring January 24, with 29,528 contracts trading. NFLX 20250124 1000.0 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, MSFT, C, F, AMZN, KMI, PLTR, UAL, HPE, ANET

Top 10 bearish stocks: TSLA, GOOGL, INTC, AAPL, NKE, PFE, PYPL, ORCL, MRNA; CVS

Source: Market Chameleon

If you are interested in options and you want to:

• Share experiences and ideas on options trading.

• Read options-related market updates/insights.

• Learn more about options trading if you are a beginner in this field.

Please click to join Tiger Options Club