The S&P 500 has risen for seven consecutive weeks—should you chase the rally or take profits?
Today's Options Opportunity Preview
On the individual stock level, $Qualcomm (QCOM.US)$ Pre-market up 12.6%. Reports suggest Qualcomm is developing its own proprietary data center CPU based on the Arm architecture and will release its earnings report after market close this Thursday (April 29). The options market shows Qualcomm's put/call ratio at 0.24, with an implied volatility (IV) of 54.92%, and IV percentile at 100%, indicating a historically high level. This reflects that market investors rushed into call options to bet on further stock price increases following gains in the previous trading session.

Storage sector continues to rise, $Micron Technology (MU.US)$ Up 3.44%, $SanDisk (SNDK.US)$ Up 2.59%, $Western Digital (WDC.US)$ Up 2.06%. The investment logic in the memory industry is shifting from 'AI premium' to 'traditional supply shortage.' Micron Technology’s put/call ratio stands at 0.68, with implied volatility reaching 82.71%, which is at a relatively high historical level.

Review of yesterday’s options
Index Options
On April 24 Eastern Time, trading volume in the U.S. index options market declined, totaling 5.59 million contracts traded. The put/call ratio fell to 0.95.

Single Stock Options
$Intel (INTC.US)$Closed up 23.60%, with 2.4439 million options contracts traded, and the put/call volume ratio dropped to 0.91. Intel's Q1 revenue of $13.6 billion beat expectations, driven by strong demand for AI server CPUs, pushing the stock price up 24%.

$Apple (AAPL.US)$Closed down 0.87%, with 1.1667 million options contracts traded, and the put/call volume ratio rose to 0.55. Apple announced that John Ternus will succeed Tim Cook as CEO.

Top list of options trading volume
Among the top 10 stocks by options trading volume,$Intel (INTC.US)$The highest put/call volume ratio reached 0.91.

The highest put/call open interest ratio is$Micron Technology (MU.US)$Reaching 1.16. Micron Technology's stock price rose 4.35%, benefiting from the semiconductor index's record-breaking 17 consecutive gains and a surge in AI memory demand.

Implied volatility rankings (underlying market cap > $10 billion and options trading volume > 100,000)
$POET Technologies (POET.US)$Implied VolatilityThe highest was 149.02%, an increase of 8.51% from the previous trading day. POET Technologies shares saw significant fluctuations this week, surging over 100% after the CFO confirmed business ties with Marvell and refuted a short-selling report.

$POET Technologies (POET.US)$Implied volatility increased the most, reaching 149.02%, up 8.51% from the previous trading day.
Risk Warning
An option is a contract that gives the holder the right, but not the obligation, to buy or sell an asset at a fixed price on a specific date or before that date. The price of an option is influenced by various factors, including the current price of the underlying asset, the strike price, time to expiration, and implied volatility.
Implied volatility reflects the market's expectation of the option's volatility over a certain period in the future. It is derived inversely from the BS pricing model of options and is generally considered an indicator of market sentiment. When investors anticipate greater volatility, they may be more willing to pay higher prices for options to hedge risks, resulting in higher implied volatility.
Traders and investors use implied volatility to assessOption priceattractiveness, identify potential mispricings, and manage risk exposure.Disclaimer
This content does not constitute any offer, solicitation, recommendation, opinion, or guarantee of any securities, financial products, or tools. The risk of loss in trading options can be substantial. In some cases, losses may exceed the initial margin deposited. Even if you set contingent orders such as 'stop-loss' or 'limit' orders, these may not prevent losses. Market conditions may make such orders unexecutable. You may be required to deposit additional margin within a short period. If you fail to provide the required amount within the specified time, your open positions may be liquidated. However, you will still be responsible for any shortfall in your account. Therefore, before trading, you should study and understand options and carefully consider whether such trading is suitable for you based on your financial situation and investment objectives. If you trade options, you should be familiar with the procedures for exercising options and the rights and obligations upon exercise and expiration. Options trading carries extremely high risks and is not suitable for all investors. Investors should carefully readCharacteristics and Risks of Standardized Options。
This content does not constitute any offer, solicitation, recommendation, opinion, or guarantee of any securities, financial products, or tools. The risk of loss in trading options can be substantial. In some cases, losses may exceed the initial margin deposited. Even if you set contingent orders such as 'stop-loss' or 'limit' orders, these may not prevent losses. Market conditions may make such orders unexecutable. You may be required to deposit additional margin within a short period. If you fail to provide the required amount within the specified time, your open positions may be liquidated. However, you will still be responsible for any shortfall in your account. Therefore, before trading, you should study and understand options and carefully consider whether such trading is suitable for you based on your financial situation and investment objectives. If you trade options, you should be familiar with the procedures for exercising options and the rights and obligations upon exercise and expiration. Options trading carries extremely high risks and is not suitable for all investors. Investors should carefully readCharacteristics and Risks of Standardized Options。
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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