Market Overview

Wall Street's three major indexes rose sharply on Monday (May 12) with the S&P 500 marking its highest level since early March as a U.S.-China agreement to temporarily slash tariffs brought some hopes for the easing of a global trade war, which U.S. President Donald Trump ignited in early April.

Regarding the options market, a total volume of 57,876,886 contracts was traded, up 11% from the previous trading day.

Top 10 Option Volumes

Top 10: NVDA, TSLA, VIX, AMZN, AAPL, META, PLTR, AMD, SOFI, MSTR

Source: Tiger Trade App

Nvidia shares surges 5.4% on Monday after surprising China trade war news, pushing its market cap above the $3 trillion milestone.

There are 3.29 million Nvidia option contracts traded on Monday, up 7% from the previous trading day. Call options account for 65% of overall option trades. Particularly high volume was seen for the $125 strike call option expiring May 16, with 163,922 contracts trading. NVDA 20250516 125.0 CALL

Tesla shares jumped 6.8% on Monday as Wall Street applauds the latest development on U.S./China trade, pushing its market cap above the $1 trillion milestone. Direxion Daily TSLA Bull 2X Shares (TSLL) surged 13.5% on Monday.

There are 2.37 million Tesla option contracts traded on Monday, down 55% from the previous trading day. Call options account for 61% of overall option trades. Particularly high volume was seen for the $320 strike call option expiring May 16, with 121,510 contracts trading. TSLA 20250516 320.0 CALL

There are 301.5K TSLL option contracts traded on Monday, down 24% from the previous trading day. Call options account for 65% of overall option trades. Particularly high volume was seen for the $13 strike call option expiring May 16, with 17,249 contracts trading. TSLL 20250516 13.0 CALL

Unusual Options Activity

Source: Market Chameleon

Amazon shares soared 8.1% on Monday, after officials from the U.S. and China agreed to pause extremely high tariff levels against one another over the weekend. Amazon led stocks in the "Magnificent Seven" on the day, likely due to how intertwined its business with China is.

There are 1.16 million Amazon option contracts traded on Monday, up 95% from the previous trading day. Call options account for 69% of overall option trades. Particularly high volume was seen for the $210 strike call option expiring May 16, with 73,377 contracts trading. AMZN 20250516 210.0 CALL

SoundHound AI shares surged 22.6% on Monday. A temporary reduction in U.S.-China tariffs is driving optimism across the market.

There are 291.6K SoundHound AI option contracts traded on Monday, up 149% from the previous trading day. Call options account for 77% of overall option trades. Particularly high volume was seen for the $11 strike call option expiring May 16, with 29,624 contracts trading. SOUN 20250516 11.0 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 1,126,160 shares of Amazon stock. The largest bullish delta came from buying calls. The largest delta volume came from the 20-Jun-25 220 Call, with traders getting long 371,730 deltas on the single option contract. AMZN 20250620 220.0 CALL

Top 10 bullish stocks: AMZN, BAC, META, PFE, GILD, NVDA, SCHW, MSFT, JNPR, AAPL

Top 10 bearish stocks: PLTR, INTC, SWKS, TSLA, UBS, NKE, OXY, HCA, PSX; GM

Source: Market Chameleon

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