Market Overview
Wall Street ended higher on Wednesday (Jan. 21), with the S&P 500 posting its biggest one-day percentage gain in two months, as investors were buoyed by news that a framework for an agreement on Greenland had been reached and the possibility of new U.S. tariffs on European allies had been averted.
Regarding the options market, a total volume of 64,647,777 contracts was traded, up 11% from the previous trading day.
Top 10 Option Volumes
Top 10: NVDA, TSLA, NFLX, VIX, INTC, AMD, AAPL, PLTR, MSFT, AMZN
Source: Tiger Trade App
Netflix shares dropped 2.2% on Wednesday after reporting a muted outlook in its latest earnings. The streaming giant's stock was also weighed by a pause in share buybacks to help fund the purchase of Warner Bros Discovery's studio and streaming businesses.
There are 1.59 million Netflix option contracts traded on Wednesday, up 68% from the previous trading day. Call options account for 65% of overall option trades. Particularly high volume was seen for the $85 strike call option expiring January 23, with 71,080 contracts trading. NFLX 20260123 85.0 CALL
AMD shares extended their rally into a seventh session as optimism builds for the company’s business of selling central processing units for artificial-intelligence servers. The shares closed up 7.7% on Wednesday.
There are 1.1 million AMD option contracts traded on Wednesday, up 76% from the previous trading day. Call options account for 57% of overall option trades. Particularly high volume was seen for the $250 strike call option expiring January 23, with 57,664 contracts trading. AMD 20260123 250.0 CALL
Unusual Options Activity
Source: Market Chameleon
Intel stock gained again on Wednesday ahead of the chip company’s earnings report. Analysts are becoming gradually more enthusiastic about its prospects. Intel shares were up 11.7% at $54.25 for the session, their highest close since January 2022. The positivity comes ahead of the company’s earnings, expected Thursday after the market closes.
There are 1.26 million Intel option contracts traded on Wednesday, up 98% from the previous trading day. Call options account for 67% of overall option trades. Particularly high volume was seen for the $60 strike call option expiring March 20, with 62,981 contracts trading. INTC 20260320 60.0 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.
Based on option delta volume, traders bought a net equivalent of 2,179,011 shares of Intel stock. The largest bullish delta came from buying calls. The largest delta volume came from the 20-Feb-26 45 Call, with traders getting long 400,032 deltas on the single option contract. INTC 20260220 45.0 CALL
Top 10 bullish stocks: INTC, TSLA, MRNA, MU, NVDA, HAL, AMD, CRM, GILD, NFLX
Top 10 bearish stocks: AAPL, MSFT, F, CCL, SCHW, CVX, AMZN, PYPL, ORCL; PG
Source: Market Chameleon
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