The S&P 500 and Nasdaq notched record high closes on Wednesday (July 23), lifted by Nvidia and GE Vernova, as the European Union and the U.S. appeared headed toward a trade deal similar to an agreement President Donald Trump struck with Japan.

Regarding the options market, a total volume of 51,178,005 contracts was traded on Wednesday, call ratio accounted for 62%.

Top 10 Option Volumes

Top 10: NVDA; OPEN; TSLA; MARA; AAPL; AMD; HIMS; PLTR; MSTR; AAL

Source: Tiger Trade App

Hims & Hers shares are up 16% Wednesday, extending a month-long rally of over 35%.

In early July, shares continued to rise after the company announced a planned Canadian expansion. Specifically, the company announced plans to expand its weight loss program to Canada in 2026.

Last week, Truist Securities analyst Jailendra Singh maintained a Hold rating on Hims & Hers and raised the price target from $45 to $48.

A total number of 532.21K options related to Hims & Hers was traded on Wednesday, 3 times higher than the 90-day average trading volume. Bullish bets related to HIMS showed big gains. For example, the $58 strike call option expiring this Friday soared 1160%.

Source: Tiger Trade App

Unusual Options Activity

Source: Market Chameleon

Opendoor Technologies stock surged 11% in pre-market trading after tumbling 20% on Wednesday.

The pre-market rally suggests that investor enthusiasm for Opendoor remains strong, despite a 20.83% pullback during Wednesday's regular trading session. The stock has been on a rollercoaster ride, having skyrocketed over 400% this month alone, driven by a potent combination of social media hype, options activity, and endorsement from a prominent hedge fund manager.

A total number of 1.36 million options related to Opendoor was traded on Wednesday, 12.4 times higher than the 90-day average trading volume.

Based on option delta volume, traders bought a net equivalent of 1,786,598 shares of Opendoor stock. The largest bullish delta came from buying calls.

Source: Market Chameleon

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: CNC; KVUE; NVDA; JCI; FI; T; WFC; JPM; EQT; NKE

Top 10 bearish stocks: KMI; F; AAPL; NFLX; ENPH; SMCI; CVX; FCX; TXN; INTX

Source: Market Chameleon

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