Market Overview
Wall Street extended its rally on Tuesday (Nov. 25) as a spate of economic data appeared to support the case for the U.S. Federal Reserve to implement its third and final rate cut of the year in December, while softness in the tech sector limited the Nasdaq's gains.
Regarding the options market, a total volume of 55,920,892 contracts was traded, up 3% from the previous trading day.
Top 10 Option Volumes
Top 10: NVDA, TSLA, AMD, AAPL, META, GOOG, AMZN, VIX, MSTR, PLTR
Source: Tiger Trade App
Nvidia fell 2.6% after a report said Meta Platforms was in talks to buy artificial-intelligence chips from Alphabet’s Google. While Google’s tensor processing units aren’t as flexible as Nvidia’s graphics processing units, they are cheaper to develop and less power-intensive. Rival GPU maker AMD also took a hit, falling 4.2%.
There are 4.86 million Nvidia option contracts traded on Tuesday, up 65% from the previous trading day. Call options account for 62% of overall option trades. Particularly high volume was seen for the $180 strike call option expiring November 28, with 250,122 contracts trading. NVDA 20251128 180.0 CALL
There are 1.04 million AMD option contracts traded on Tuesday, up 78% from the previous trading day. Put options account for 51% of overall option trades. Particularly high volume was seen for the $200 strike call option expiring November 28, with 35,425 contracts trading. AMD 20251128 200.0 CALL
Unusual Options Activity
Source: Market Chameleon
Alphabet shares gained 1.5% on Tuesday. The stock has surged more than 70% in 2025, putting it on pace for its best year since 2009. The stock was nearing a valuation of $4 trillion on Tuesday. Beyond the excitement over Google’s TPUs, the company also received rave reviews for its new large-language model, Gemini 3.
There are 1.2 million Alphabet option contracts traded on Tuesday, up 19% from the previous trading day. Call options account for 61% of overall option trades. Particularly high volume was seen for the $330 strike call option expiring November 28, with 77,961 contracts trading. GOOGL 20251128 330.0 CALL
Kohl's projected a smaller drop in sales and bigger profit for the full year ahead of the new CEO's first holiday season at the helm, sending the U.S. department-store operator's shares surging as much as 42.5%.
There are 113.29K Kohl's option contracts traded on Tuesday, up 254% from the previous trading day. Call options account for 58% of overall option trades. Particularly high volume was seen for the $2.5 strike put option expiring December 17, 2027, with 6,010 contracts trading. KSS 20271217 2.5 PUT
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 750,510 shares of Tesla stock. The largest bullish delta came from buying calls. The largest delta volume came from the 20-Feb-26 440 Call, with traders getting short 1,135,472 deltas on the single option contract. TSLA 20260220 440.0 CALL
Top 10 bullish stocks: TSLA, AAPL, LULU, META, BAC, TFC, UAL, CMG, MRK, WBD
Top 10 bearish stocks: MSFT, NVDA, AMD, HPQ, COIN, NFLX, WYNN, GOOGL, OXY; FCX
Source: Market Chameleon
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