Market Overview

U.S. stocks ended the week on a quiet note on Friday (May 9) after oscillating between slight gains and declines, as investors gauged President Donald Trump's comments on Chinese tariffs ahead of weekend trade talks between the two countries.

Regarding the options market, a total volume of 52,327,853 contracts was traded, down 7% from the previous trading day.

Top 10 Option Volumes

Top 10: TSLA, NVDA, MSTR, PLTR, AAPL, MARA, AMZN, VIX, COIN, META

Source: Tiger Trade App

Tesla stock surged 4.7% on Friday, pushing shares to their highest level since February as the EV maker notched a third straight week of gains.

General sentiment on trade drove Friday's gains, with President Trump floating a cut to US tariffs on Chinese imports ahead of this weekend's negotiations. The upbeat news on China trade policy comes after the White House struck a trade deal with the UK.

There are 5.24 million Tesla option contracts traded on Friday, up 102% from the previous trading day. Call options account for 60% of overall option trades. Particularly high volume was seen for the $300 strike call option expiring May 9, with 531,275 contracts trading.

Unusual Options Activity

Source: Market Chameleon

Strategy shares shot up to a new high for 2025, as investors in the cryptocurrency stockpiler cheered bitcoin’s rally back above the six-digit threshold. The shares jumped 5.5% last week. Mizuho Securities increased its price target on Strategy shares from $515 to $562, while keeping an Outperform rating on the stock.

There are 1.05 million Strategy option contracts traded on Friday, up 40% from the previous trading day. Call options account for 73% of overall option trades. Particularly high volume was seen for the $430 strike call option expiring May 9, with 52,394 contracts trading.

Bitcoin miner MARA Holdings stock jumped 10.3% on Friday, even after its first quarter results missed Wall Street's estimates, as the company's focus on lowering costs is seen as positive by analysts.

There are 803.67K Strategy option contracts traded on Friday, up 160% from the previous trading day. Call options account for 74% of overall option trades. Particularly high volume was seen for the $15 strike call option expiring May 9, with 79,413 contracts trading.

Coinbase shares fell 3.5% on Friday as first-quarter revenue came in shy of Wall Street’s expectations, despite the growth in stablecoin revenue.

There are 550.75K Coinbase option contracts traded on Friday, up 77% from the previous trading day. Call options account for 80% of overall option trades. Particularly high volume was seen for the $215 strike call option expiring May 16, with 39,212 contracts trading. COIN 20250516 215.0 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 620,603 shares of Ford stock. The largest bullish delta came from buying calls. The largest delta volume came from the 23-May-25 9.50 Call, with traders getting long 186,322 deltas on the single option contract. F 20250523 9.5 CALL

Top 10 bullish stocks: F, WBA, NVDA, WYNN, AAPL, DIS, INTC, JNPR, WMT, AMD

Top 10 bearish stocks: TSLA, PLTR, MSFT, EQT, AMZN, META, AES, MRNA, GOOGL; SCHW

Source: Market Chameleon

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