The S&P 500 and the Nasdaq notched record high closes on Monday (July 21), lifted by Alphabet and other megacaps ahead of several earnings reports this week, while investors bet on potential trade deals to blunt economic damage from the Trump administration's global tariffs.

Regarding the options market, a total volume of 52,656,179 contracts was traded on Monday, call ratio accounted for 61%.

Top 10 Option Volumes

Top 10: OPEN; NVDA; AAPL; TSLA; AMD; AMZN; VIX; HOOD; PLTR; GME

Source: Tiger Trade App

Opendoor ended up closing at $3.21 a share on Monday, tallying a daily gain of nearly 43%. That marked the stock's highest closing level since February 2024.

Opendoor has been the subject of chatter among retail traders on social media in recent days after Eric Jackson, founder of Toronto-based hedge fund EMJ Capital made a series of posts on social media platform X encouraging buying. It was listed as the topmost actively traded stock on Stocktwits Monday afternoon, and was being heavily cited by posters on Reddit’s WallStreetBets thread.

A total number of 3.41 million options related to Opendoor was traded on Monday, up 207% from the previous trading day. Put/call open interest ratio stood at 0.51, suggesting a bullish bias among options traders.

Based on option delta volume, traders bought a net equivalent of 10.9 million shares of Opendoor stock. The largest bullish delta came from buying $6 strike call options expiring Aug 15.

$OPEN 20250815 6.0 CALL$

Source: Market Chameleon

Unusual Options Activity

Source: Market Chameleon

Navitas stock jumped nearly 25% on Monday after saying that it would report earnings on Aug. 4, not what it would report. Yet despite not knowing whether next month's earnings news will be good or bad, investors are buying the stock hand over fist.

One clue that might help: Seaport Global Securities upgraded Navitas's larger rival, Texas Instruments, which is also involved in power management chips. Seaport analyst Jay Goldberg commented: "We thought the analog inventory cycle was not going to improve, and the macroeconomy was slowing. We were wrong. While we see no strong catalysts, it now appears conditions will not deteriorate, and inventories may start to improve."

A total number of 243,247 options related to Navitas was traded on Monday, 10.2 times higher than the 90-day average trading volume. Bullish bets related to NVTS showed big gains. For example, the $10 strike call option expiring this Friday soared 2400%.

$NVTS 20250725 10.0 CALL$

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: KVUE; CRM; AMZN; KMI; GOOG; NFLX; META; WMT; GE; VZ

Top 10 bearish stocks: NVDA; PFE; NKE; GOOGL; AAPL; UNH; AMD; PEP; XOM; BRK.B

Source: Market Chameleon

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