Market Overview

Wall Street ended mixed on Thursday(Jan 8), as Nvidia and other technology stocks dipped, while defense companies advanced after President Donald Trump called for an enlarged $1.5 trillion military budget.

Regarding the options market, a total volume of 55,423,700 contracts was traded.

Top 10 Option Volumes

Source: Tiger Trade App

NVIDIA shares fell 2% on Thursday after Reuters reported the chipmaker is demanding full upfront payment from Chinese customers for its H200 data-center chips, used to train and run AI models. Chinese firms have placed orders for more than 2 million H200s priced around $27,000 each, far above Nvidia’s inventory of about 700,000 units, as local alternatives still lag for large-scale AI training.

There are 2.63M Nvidia option contracts traded on Thursday, up 56% from the previous trading day. Call options account for 69% of overall option trades. Particularly high volume was seen for the $187.50 strike call option expiring January 9, 2026, with 161,065 contracts trading. $NVDA 20260109 187.5 CALL$

Unusual Options Activity

Source: Market Chameleon

Ondas Holdings Inc. jumped 15% on Thursday following President Donald Trump’s social media post outlining plans for a significantly increased defense budget.

There are 384,156 Ondas option contracts traded on Thursday, up 178% from the previous trading day. Call options account for 77% of overall option trades. Particularly high volume was seen for the $15 strike call option expiring January 9, 2026, with 24,533 contracts trading. $ONDS 20260109 15.0 CALL$

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 sold a net equivalent of -3,656,747 shares of Apple stock. The largest bearish delta came from buying puts. The largest delta volume came from the 09-Jan-26 272.50 Put, with traders getting short 1,561,906 deltas on the single option contract.

Source: Market Chameleon

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