Market Overview

The S&P 500 sold off sharply on Tuesday (Apr. 8) to close below 5,000 points for the first time in almost a year after it reversed a strong morning rally, while investor hopes faded for any imminent U.S. delays or concessions on tariffs ahead of a midnight deadline.

Regarding the options market, a total volume of 61,061,214 contracts was traded, up 8% from the previous trading day.

Top 10 Option Volumes

Top 10: NVDA, TSLA, AAPL, VIX, AMZN, PLTR, AMD, INTC, BABA, META

Source: Tiger Trade App

Apple stock fell almost 5% on Tuesday, reversing earlier gains after the Trump administration confirmed the US will institute a levy of 104% on goods imported from China, effective Wednesday.

There are 1.75 million Apple option contracts traded on Tuesday, up 11% from the previous trading day. Put options account for 53% of overall option trades. Particularly high volume was seen for the $160 strike put option expiring April 11, with 56,080 contracts trading. AAPL 20250411 160.0 PUT

Unusual Options Activity

Source: Market Chameleon

Direxion Daily Semiconductors Bull 3x Shares (SOXL) and ProShares UltraPro QQQ (TQQQ) were in a predicament as the US stock market continued to plummet. SOXL tanked nearly 10% on Tuesday, while TQQQ sank about 6%.

There are 607.9K SOXL option contracts traded on Tuesday, down 8% from the previous trading day. Call options account for 68% of overall option trades. Particularly high volume was seen for the $15 strike call option expiring April 11, with 28,191 contracts trading. SOXL 20250411 15.0 CALL

There are 579.2K TQQQ option contracts traded on Tuesday, down 16% from the previous trading day. Call options account for 61% of overall option trades. Particularly high volume was seen for the $50 strike call option expiring April 11, with 26,044 contracts trading. TQQQ 20250411 50.0 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 1,039,012 shares of Las Vegas Sands stock. The largest bullish delta came from buying calls. The largest delta volume came from the 19-Sep-25 35 Call, with traders getting long 1,491,317 deltas on the single option contract.

Top 10 bullish stocks: LVS, PLTR, AAPL, AMAT, AMD, T, UBER, GM, WDC, INTC

Top 10 bearish stocks: F, NKE, PFE, DAL, WBD, META, GOOGL, PEP, TSLA; UPS

Source: Market Chameleon

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