Daily Options Outlook | SK Hynix up 5% in pre-market trading, announces largest-ever stock buyback of KRW 40 trillion; Moderna down nearly 10% in pre-market trading

Today's Options Opportunity Outlook

On the macro front,$Invesco QQQ Trust (QQQ.US)$Down 0.15% in pre-market trading,$SPDR S&P 500 ETF (SPY.US)$Down 0.14% in pre-market trading. The U.S. Treasury announced an increase in long-term bond buybacks from $2 billion to $4 billion, causing the 30-year Treasury yield to drop sharply to 5.19%. As a result, Nasdaq and S&P 500 futures both rose by 0.4%, with expectations of improved liquidity driving a recovery in tech and growth stocks. Options market data shows QQQ's Put/Call volume ratio dropped to 0.96 on the previous trading day, with Implied Volatility (IV) at 22.28%.

On the individual stock front,$SK hynix (SKHY.US)$Up 3.49% in pre-market trading. SK Hynix announced its largest-ever stock buyback plan worth KRW 40 trillion. Options market data indicates the stock's Put/Call volume ratio has fallen to 1.36, with Implied Volatility reaching 76.17%.

$Moderna (MRNA.US)$ Down approximately 9% in pre-market trading. Yesterday, the company surged about 177% in a single day following news of success in Phase III trials for its cancer vaccine. Market sentiment heated up rapidly, but short-term capital took profits after the catalyst played out, compounded by loosening of positions at high levels, triggering a pullback. From a trading logic perspective, today's market focus has shifted from "cancer vaccine success" to "whether the rally is overextended." Capital is beginning to re-evaluate the commercialization pace, revenue realization timeline, and valuation rationality. From an options perspective, MRNA currently belongs toUltra-high volatility event-driven underlying assetsYesterday's surge significantly pushed up implied volatility, making today prone to the risk of volatility contraction.

Recap of yesterday's options activity

Index Options

On August 19 (Eastern Time), trading volume in the US stock index options market rose, with a total of 5.55 million contracts traded. The put/call ratio declined to 0.97.

For the upcoming expiration date,$S&P 500 Index (.SPX.US)$ The distribution of options trading volume showed the following characteristics: the peak volume for put options was at the 7,705 strike price, while the peak for call options was at the 7,720 strike price.

Single-Stock Options

$Strategy (MSTR.US)$Closed up 12.68%, with 789,500 options contracts traded; the put/call volume ratio dropped to 0.57. Strategy's stock price rose 13% as Bitcoin broke through $68,000 and Trump met with cryptocurrency executives.

$Intel (INTC.US)$Closed down 4.02%, with 932,600 options contracts traded; the put/call volume ratio dropped to 0.55. Intel's stock price fell over 7% due to soaring US Treasury yields and a sell-off in the semiconductor sector, while Arc Pro B70 GPU prices rose 48% within a month.

Options Volume Rankings

Among the top 10 stocks by options volume,$Micron Technology (MU.US)$Recorded the highest put/call volume ratio, reaching 0.70. Micron Technology's share in the NAND flash memory market rose to 15.1%, surpassing Kioxia to take third place.

The highest put/call open interest ratio is$SpaceX (SPCX.US)$, reaching 1.11. SpaceX's attempt to acquire AI coding company Cognition was rejected; Cognition's CEO publicly stated that the company is not for sale and no negotiations are taking place.

Implied Volatility Leaderboard (underlying market cap > $1 billion and options volume > 100,000)

$Moderna (MRNA.US)$Implied volatility was the highest and saw the largest increase, reaching 152.75%, up 116.79% from the previous trading session. Moderna's personalized mRNA cancer vaccine, developed in collaboration with Merck & Co, met its primary endpoint in Phase 3 clinical trials for melanoma, causing the stock to surge 177% in a single day.

$Hyperliquid Strategies (PURR.US)$Implied volatility saw the second-largest increase, reaching 126.54%, up 44.07% from the previous trading session. Legendary investor Druckenmiller established a $23.15 million position in PURR in Q2, betting on the growth potential of the Hyperliquid ecosystem.

Risk Warning

An option is a contract that grants the holder the right—but not the obligation—to buy or sell an underlying asset at a predetermined price on or before a specified date. Option prices are influenced by multiple factors, including the current price of the underlying asset, strike price, time to expiration, and implied volatility.

Implied volatility reflects the market’s expectation of future price fluctuations over a given period. It is derived by reverse-engineering the Black-Scholes option pricing model and is generally viewed as an indicator of market sentiment. When investors anticipate greater volatility, they may be willing to pay higher premiums for options to hedge risk, resulting in higher implied volatility.

Traders and investors use implied volatility to assess the attractiveness of option prices, identify potential mispricings, and manage risk exposure.

Disclaimer
This content does not constitute an offer, solicitation, recommendation, advice, opinion, or any guarantee regarding any securities, financial products, or instruments. The risk of loss in trading options can be substantial. In certain circumstances, your losses may exceed the initial margin deposit. Even if you place contingent orders such as 'stop-loss' or 'limit' orders, you may not be able to avoid losses. Market conditions may prevent the execution of such orders. You may be required to deposit additional margin on short notice. If you fail to meet such margin requirements within the stipulated time, your open positions may be liquidated. You remain fully liable for any resulting deficit in your account. Therefore, you should thoroughly research 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 handling expiration, as well as your rights and obligations upon exercise or expiration. Options trading involves substantial risk and is not suitable for all investors. Investors should carefully read"Characteristics and Risks of Standardized Options"。

1.4M Views