Market Overview

Wall Street indexes closed up on Monday (Sept. 29) with the Nasdaq leading gains as investors bought heavyweight technology stocks and shrugged off the uncertainty of a potential U.S. government shutdown and hawkish remarks from Federal Reserve officials.

Regarding the options market, a total volume of 52,983,878 contracts was traded, down 16% from the previous trading day.

Top 10 Option Volumes

Top 10: NVDA, TSLA, INTC, HOOD, VIX, TLRY, OPEN, MARA, AAPL, AMZN

Source: Tiger Trade App

The online brokerage firm Robinhood shares surged 12.3% to an all-time high on Monday. This year, it has more than tripled in price.

Chief executive Vlad Tenev said in a social media post Monday morning that more than four billion event contracts have been traded on Robinhood’s platform since the company started offering the product. Last week, a pair of Piper Sandler analysts raised their price target for Robinhood stock, citing the brokerage’s fast-growing prediction market business.

There are 821.34K Robinhood option contracts traded on Monday, up 67% from the previous trading day. Call options account for 60% of overall option trades. Particularly high volume was seen for the $135 strike call option expiring October 3, with 33,867 contracts trading. HOOD 20251003 135.0 CALL

Bitcoin and cryptocurrency prices powered higher to start the week as the U.S. faces a potential government shutdown starting on Oct. 1. The price of bitcoin on Monday rebounded above $114,000, with about a 3.6% gain over the past 24 hours. Bitcoin had tumbled below $109,000 on Friday, following a major liquidation wave from Sept. 22. Ethereum surged 3.5% over the prior 24 hours to trade near $4,180 on Monday, pushing its 2025 gain to roughly 25%.

Crypto stocks rallied on Monday, with MARA Holdings up 15.7%, CleanSpark up 14.7%, Riot Platforms up 11.8%, and Coinbase up 6.9%.

There are 566.98K MARA Holdings option contracts traded on Monday, up 18% from the previous trading day. Call options account for 80% of overall option trades. Particularly high volume was seen for the $17 strike call option expiring October 3, with 38,225 contracts trading. MARA 20251003 17.0 CALL

Unusual Options Activity

Source: Market Chameleon

After U.S. President Donald Trump shared a video on Sunday promoting the health benefits of hemp-derived cannabidiol, U.S.-listed shares of cannabis-related companies rose. Canopy Growth rallied 17.2% to $1.57 while Cronos Group rose almost 13% to $2.97 and Tilray jumped 60.9% to $1.85.

There are 672.61K Tilray option contracts traded on Monday, up 144% from the previous trading day. Call options account for 88% of overall option trades. Particularly high volume was seen for the $2 strike call option expiring October 3, with 129,353 contracts trading. TLRY 20251003 2.0 CALL

Matthew Cost of Morgan Stanley raised his call on shares of the digital ad company AppLovin by 56% to $750 on Monday, helping lift the stock to a record $745.61 in early trading, and closed higher 6.3% at $712.36. Eleven other firms have raised their targets on the stock since August, including Piper Sandler and UBS on Friday.

There are 161.49K AppLovin option contracts traded on Monday, up 3% from the previous trading day. Call options account for 55% of overall option trades. Particularly high volume was seen for the $750 strike call option expiring October 3, with 5,634 contracts trading. APP 20251003 750.0 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 1,060,338 shares of Robinhood stock. The largest bullish delta came from buying calls. The largest delta volume came from the 03-Oct-25 125 Call, with traders getting long 143,184 deltas on the single option contract.

Top 10 bullish stocks: HOOD, NVDA, ORCL, INTC, KVUE, AAPL, ZTS, WBD, APA, HAL

Top 10 bearish stocks: AMD, BAC, BA, PFE, NKE, XOM, EA, CMG, TSLA; CAG

Source: Market Chameleon

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