Market Overview

Wall Street's main indexes rose on Friday(May 16) for their fifth straight day, buoyed by the U.S.-China tariff truce earlier in the week even as economic survey data showed a deterioration in consumer sentiment.

Regarding the options market, a total volume of 54,751,607 contracts was traded.

Top 10 Option Volumes

Top 10: NVDA, TSLA, UNH, SMCI, AAPL, MSTR, PLTR, Coinbase Global, Inc., AMD, AMZN

Source: Tiger Trade App

Super Micro Computer was up 5% on Friday. The stock has risen about 42% last week, but remains down more than 60% from its 52-week high.

There are 1.03 million SMCI option contracts traded on Friday, up 56% from the previous trading day. Call options account for 77% of overall option trades. Particularly high volume was seen for the $50 strike call option expiring May 23, with 32,109 contracts trading.

Unusual Options Activity

Source: Market Chameleon

Shares of Coinbase gained 9% after the cryptocurrency exchange closed down 7.2% on Thursday after disclosing that it was the victim of a data breach that could cost up to $400 million, and after the New York Times reported on a Securities and Exchange Commission investigation into possible misrepresentation of the company's user numbers. Wall Street analysts largely brushed off the negative headlines.

There are 732.8K Coinbase option contracts traded on Friday, up 42% from the previous trading day. Call options account for 68% of overall option trades. Particularly high volume was seen for the $300 strike call option expiring May 23, with 20,013 contracts trading.

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 1,088,283 shares of NVDA stock. The largest bullish delta came from buying calls. The largest delta volume came from the 16-May-25 135 Call, with traders getting short 1,759,506 deltas on the single option contract.

Top 10 bullish stocks: NVDA, BAC, SMCI, PFE, HRL, HUM, BF.B, AMD, BIIB, GE

Top 10 bearish stocks: AMCR, TSLA, GOOGL, AAPL, PLTR, UBER, GOOG, BEN, KVUE, BA

Source: Market Chameleon

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