Market Overview
U.S. stocks rose on Tuesday (Dec. 23) and the S&P 500 notched a closing record after a flurry of economic data that included a reading of economic growth pushed bond yields higher and elevated growth names.
Regarding the options market, a total volume of 42,807,940 contracts was traded, down 11% from the previous trading day.
Top 10 Option Volumes
Top 10: NVDA, TSLA, MSTR, AMZN, AAPL, PLTR, AVGO, VIX, NVO, NFLX
Source: Tiger Trade App
Nvidia shares gained 3% on Tuesday as the biggest boost to the benchmark S&P 500 index. The plan for H200 shipment to the chinese market is basically settled. On December 24, sources indicate that nvidia has informed chinese customers of plans to deliver H200 chips in mid-February 2026.
There are 2.93 million Nvidia option contracts traded on Tueday, up 78% from the previous trading day. Call options account for 69% of overall option trades. Particularly high volume was seen for the $190 strike call option expiring December 26, with 232,364 contracts trading. NVDA 20251226 190.0 CALL
Bitcoin and other cryptocurrencies fell on Tuesday amid a period of stagnant trading for digital assets, which have given back major gains in recent months. Declines also dragged on stocks exposed to crypto. And MSCI will decide by Jan. 15 on excluding digital asset companies from indexes. Strategy shares dropped 3.9%.
There are 661.79K Strategy option contracts traded on Tuesday, up 78% from the previous trading day. Call options account for 65% of overall option trades. Particularly high volume was seen for the $175 strike call option expiring December 26, with 33,283 contracts trading. MSTR 20251226 175.0 CALL
Unusual Options Activity
Source: Market Chameleon
Novo Nordisk shares jumped 7.3% on Tuesday after the U.S. Food and Drug Administration approved its weight-loss pill, giving the Danish drugmaker a competitive edge over rival Eli Lilly in the fast-evolving market for obesity drugs.
There are 343.42K Novo Nordisk option contracts traded on Tuesday, up 225% from the previous trading day. Call options account for 78% of overall option trades. Particularly high volume was seen for the $53 strike call option expiring December 26, with 29,308 contracts trading. NVO 20251226 53.0 CALL
ServiceNow shares declined 1.5% on Tuesday after the enterprise software maker agreed to buy cybersecurity startup Armis for $7.75 billion in cash.
There are 86.65K ServiceNow option contracts traded on Tuesday, up 67% from the previous trading day. Put options account for 84% of overall option trades. Particularly high volume was seen for the $188 strike put option expiring January 16, 2026, with 11,090 contracts trading. NOW 20260116 188.0 PUT
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.
Based on option delta volume, traders bought a net equivalent of 2,457,776 shares of Nvidia stock. The largest bullish delta came from buying calls. The largest delta volume came from the 20-Mar-26 160 Call, with traders getting long 1,231,272 deltas on the single option contract. NVDA 20260320 160.0 CALL
Top 10 bullish stocks: NVDA, MSFT, INTC, GOOGL, F, FCX, PLTR, SMCI, TTD, JPM
Top 10 bearish stocks: TSLA, WBD, NFLX, ORCL, LRCX, MRNA, PYPL, WMT, DOW; LULU
Source: Market Chameleon
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