U.S. stocks rallied more than 1% on Tuesday (June 24) as investors welcomed a fragile truce with Israel and Iran while parsing Federal Reserve Chair Jerome Powell's congressional testimony for clues regarding the U.S. central bank's path forward.
Regarding the options market, a total volume of 48,063,844 contracts was traded on Monday, call ratio accounted for 59%.
Top 10 Option Volumes
Top 10: $NVDA(NVDA)$; $TSLA(TSLA)$; $AMD(AMD)$; $AAPL(AAPL)$; $COIN(COIN)$; $INTC(INTC)$; $HOOD(HOOD)$; $CRCL(CRCL)$; $PLTR(PLTR)$; $AMZN(AMZN)$
Source: Tiger Trade App
$Nvidia(NVDA)$ stock jumped 2.6% on Tuesday to $147.90 per share, ending the trading session at its highest level since its record close in January. Nvidia notched a record closing price of $149.43 on Jan. 6.
Nvidia and other tech stocks should get a further lift from the Israel-Iran ceasefire with the "risk on" trade coming into full force, Wedbush said in a Tuesday note.
New highs for the markets and the tech sector in particular "could be on the horizon" this summer with the situation in Iran settling into a calmer negotiation stage, Wedbush analysts said.
"The market will view this Iran threat as now gone," the analysts said, calling it a "positive" for growth in the broader Middle East and ultimately the tech sector.
A total number of 2.52 million options related to $Nvidia(NVDA)$ was traded on Tuesday, of which call options accounted for 62%. Based on option delta volume, traders bought a net equivalent of 974,957 shares of Nvidia stock. The largest delta volume came from the 17-Oct-25 150 Call. The largest bullish delta came from buying calls.
Source: Market Chameleon
Unusual Options Activity
Source: Market Chameleon
$Coinbase(COIN)$ stock soared 12% and was the best-performing stock on the S&P 500 Tuesday as the cryptocurrency trading platform added to its recent rally.
The major reason for the fuel in the COIN price is the investment of Cathie Wood’s Ark Invest. The company bought 1,519 more Coinbase shares on Monday. That might seem like a small number. But at the time of writing, Ark holds over $159 million worth of Coinbase stock, representing 7.82% of its total assets. This shows Ark’s continued confidence in Coinbase, and when big institutional investors show faith, others usually follow.
Another reason, U.S. President Donald Trump announced a “Complete and Total Ceasefire” between Israel and Iran, bringing relief to global markets after what he called “the 12 day war.” The news contributed to a rapid recovery in cryptocurrency prices by reducing market anxiety.
A total number of 757,874 options related to $Coinbase(COIN)$ was traded on Tuesday, of which call options accounted for 76%. Bullish bets related to COIN showed big gains. For example, the $345 strike call option expiring this Friday soared 105.88%.
Source: Tiger Trade App
TOP Bullish & Bearish Single Stocks
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.
Top 10 bullish stocks: $NVDA(NVDA)$; $WBD(WBD)$; $KVUE(KVUE)$; $COIN(COIN)$; $CCL(CCL)$; $AMD(AMD)$; $MSFT(MSFT)$; $COP(COP)$; $AMZN(AMZN)$; $C(C)$
Top 10 bearish stocks: $TSLA(TSLA)$; $WDC(WDC)$; $WFC(WFC)$; $GOOG(GOOG)$; $F(F)$; $UBER(UBER)$; $ORCL(ORCL)$; $ED(ED)$; $SMCI(SMCI)$; $SCHW(SCHW)$
Source: Market Chameleon
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