Call traders were flocking to the equity ahead of earnigns. Novo Nordisk stock's 50-day call/put volume ratio of 2.87 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than all other readings from the past year. Both call and put traders are targeting NVO straight out of the gate this morning, with options volume already at double the amount typically seen in an entire day. The September 45 put is the most popular, with new positions being ...

Core Insights - Centene Corp (NYSE:CNC) stock increased by 3.9% to $27.75 despite reporting an adjusted second-quarter loss of 16 cents per share, which was worse than the projected loss of 11 cents per share. However, revenue exceeded estimates, leading to a recovery in stock price after significant premarket gains [1] - The stock has been recovering from a 55% year-to-date deficit, primarily due to a 40% drop on July 1 when the company withdrew its 2025 forecast. The shares reached an eight-year low of $26.66 but are now testing the 10-day moving average [2] - Options trading activity has shown a strong preference for calls, with 83,508 calls purchased compared to 12,760 puts over the past two weeks, resulting in a call/put volume ratio of 6.53, indicating high call buying activity [3] - Recently, there has been a shift towards puts, with 58,000 puts traded, which is 26 times the average intraday volume and more than double the number of calls. The September 22.50 put is particularly popular, suggesting some traders may be hedging against potential declines [4] - Short interest has increased by 26% in the last two reporting periods, indicating growing bearish sentiment amidst the stock's technical challenges [4]

Core Insights - Netflix Inc (NASDAQ:NFLX) stock is currently down 0.9% at $1,165.72, marking its lowest level since May 15 and on track for its third consecutive daily loss and fourth consecutive week in the red, despite being up 30.8% in 2025 and 83.4% year-over-year [1] - A historically bullish trendline may help shares approach their record high of $1,341.15 reached on June 30 [1] Group 1 - The recent pullback has placed NFLX within one standard deviation of its 80-day moving average, with shares above this trendline in at least eight of the last ten trading days and spending 80% of the past two months above it [2] - Historical data shows that similar pullbacks have resulted in a higher stock price one month later 88% of the time, averaging a 12.2% gain, which could position shares at $1,307.93 [3] Group 2 - An unwinding of pessimism in the options market could create additional headwinds, as NFLX's 50-day put/call volume ratio is higher than 96% of annual readings at the International Securities Exchange, Cboe Options Exchange, and NASDAQ OMX PHLX [7] - Options are currently affordably priced, indicated by a Schaeffer's Volatility Index (SVI) of 27%, which is in the 7th percentile of readings from the past year, suggesting low volatility expectations among options traders [8]

Group 1 - Sherwin-Williams Co reported a second-quarter profit miss of $3.38 per share, while revenue was slightly above estimates at $6.3 billion, leading to a 2.2% decline in stock price to $333.87 [1] - The company lowered its full-year outlook due to softer demand, which may indicate potential challenges ahead [1] - Mizuho has cut its price target for Sherwin-Williams to $385 from $400, with 17 out of 26 analysts maintaining a "buy" or better rating, suggesting a 14% premium to the current stock price [2] Group 2 - If the current losses persist, Sherwin-Williams could end its four-day winning streak, having previously reached its lowest level since April, with support at the $330 level [3] - Over the past nine months, the shares have decreased by more than 7.3% [3] - A shift in sentiment in the options market is noted, with a 50-day call/put volume ratio of 2.21, indicating a higher level of put activity compared to the past year [4] Group 3 - There has been a significant increase in put options trading, with 2,118 puts traded, which is 11 times the intraday average, compared to only 68 calls, indicating a bearish sentiment [5] - The most popular contract being traded is the August 320 put, with new positions being opened [5]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints The report presents a comprehensive analysis of various options, including their T - type quotes, trading volumes, open interests, implied volatilities, and provides suggestions for volatility trading and risk - free arbitrage for different options on multiple exchanges [3][21][23]. 3. Summary by Directory 3.1 Shanghai Stock Exchange Options - **1.1 Shanghai 50ETF** - **Basic Information**: Presents the T - type quote table of 50ETF options, including call and put option prices at different strike prices. The trading volume of the main - contract options is 657,046 lots, the open interest is 717,816 lots, the trading volume ratio of call to put options is 1.71, and the weighted average implied volatility is 17.83% [19][21]. - **Volatility Trading**: Suggests selling the upper - curve months and buying the lower - curve months for different months; selling the upper - curve options and buying the lower - curve options for the same month [23]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 36.8% at the settlement price and 2.82% at the counter - price [27][29]. - **1.2 Huatai - Berry CSI 300ETF** - **Basic Information**: Displays the T - type quote table of 300ETF options. The trading volume of the main - contract options is 575,810 lots, the open interest is 492,163 lots, the trading volume ratio of call to put options is 1.61, and the weighted average implied volatility is 18.87% [30][32]. - **Volatility Trading**: Similar to the 50ETF, it suggests selling the upper - curve months and options and buying the lower - curve ones [34]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 45.4% at the settlement price and 3.91% at the counter - price [38][41]. - **1.3 Southern CSI 500ETF** - **Basic Information**: Shows the T - type quote table of 500ETF options. The trading volume of the main - contract options is 801,159 lots, the open interest is 483,140 lots, the trading volume ratio of call to put options is 1.33, and the weighted average implied volatility is 22.47% [42][44]. - **Volatility Trading**: Offers the same volatility trading suggestions as above [48]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 129% at the settlement price and 28.6% at the counter - price [51][53]. - **1.4 Huaxia Shanghai Science and Technology Innovation Board 50ETF** - **Basic Information**: Presents the T - type quote table of the innovation - board 50ETF options. The trading volume of the main - contract options is 267,716 lots, the open interest is 771,023 lots, the trading volume ratio of call to put options is 1.81, and the weighted average implied volatility is 32.06% [54][56]. - **Volatility Trading**: Provides the same volatility trading advice [58]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 107% at the settlement price and 14.8% at the counter - price [62][64]. - **1.5 E Fund Shanghai Science and Technology Innovation Board 50ETF** - **Basic Information**: Displays the T - type quote table of the innovation - board 50ETF options. The trading volume of the main - contract options is 63,081 lots, the open interest is 259,012 lots, the trading volume ratio of call to put options is 2.91, and the weighted average implied volatility is 31.5% [65][67]. - **Volatility Trading**: Gives the same volatility trading suggestions [69]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 48.6% at the settlement price, and no return is provided at the counter - price [73][75]. 3.2 Shenzhen Stock Exchange Options - **2.1 Harvest CSI 300ETF** - **Basic Information**: Presents the T - type quote table of Shenzhen 300ETF options. The trading volume of the main - contract options is 90,635 lots, the open interest is 105,907 lots, the trading volume ratio of call to put options is 1.73, and the weighted average implied volatility is 21.67% [76][79]. - **Volatility Trading**: Offers the same volatility trading advice [83]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 93.9% at the settlement price and 12.2% at the counter - price [87][89]. - **2.2 E Fund ChiNext ETF** - **Basic Information**: Displays the T - type quote table of ChiNext ETF options. The trading volume of the main - contract options is 1,085,196 lots, the open interest is 865,444 lots, the trading volume ratio of call to put options is 1.27, and the weighted average implied volatility is 29.96% [90][92]. - **Volatility Trading**: Provides the same volatility trading suggestions [95].

Core Viewpoint - PepsiCo Inc's stock is experiencing a significant increase following the release of its second-quarter earnings, which surpassed expectations in both earnings per share and revenue [1]. Group 1: Financial Performance - The company reported adjusted second-quarter earnings per share (EPS) of $2.12, exceeding estimates of $2.02 [1]. - Revenue for the quarter was $22.73 billion, beating the forecast of $22.27 billion [1]. - Despite the positive earnings report, the company is facing challenges with lagging U.S. sales and a smaller-than-expected annual outlook [1]. Group 2: Stock Performance - PepsiCo's stock is up 6.3%, trading at $143.88, and is on track for its best daily performance since March 26, 2020 [2]. - The stock is breaking above the overhead 80-day moving average and is poised for its highest close since late April [2]. - Year-to-date, the stock is down 5.4% [2]. Group 3: Options Trading Activity - Options traders are actively targeting PepsiCo, with 62,000 calls and 32,000 puts exchanged, representing four times the stock's average daily volume [2]. - The July 145 call and October 150 call are receiving the most attention from options traders [2]. - Recent trading activity indicates a bearish sentiment among options traders, with a 10-day put/call volume ratio of 1.21, the highest in the past year [3].

Group 1: Market Information - Futures contracts: CF01 closed at 13865 with a 45-point increase, CF05 at 13835 with a 50-point increase, CF09 at 13990 with a 140-point increase, CY01 at 20135 with a 100-point increase, CY05 at 20060 with a 45-point increase, and CY09 at 20180 with a 130-point increase [3]. - Spot prices: CCIndex3128B was 15272 yuan/ton with a 23-yuan decrease, Cot A was 78.75 cents/pound with a 0.70-cent increase, and other spot prices also had corresponding changes [3]. - Price differences: Cotton and棉纱 had various inter - period and cross - variety price differences, such as the 1 - 5 month cotton inter - period spread being 30 with a 5 - point decrease [3]. Group 2: Market News and Views Cotton Market News - US cotton: As of the week of July 12, 2025, the average temperature in the main US cotton - producing areas was 82.81°F, 0.12°F lower than the same period last year, and the average rainfall was 1.22 inches, 0.16 inches higher than the same period last year [6]. - Indian cotton: As of July 11, 2025, the cotton planting area in India in the 2025/26 season was 9.283 million hectares, 239,000 hectares lower than the same period last year. As of the week of July 13, 2025, the weekly cotton listing volume in India was 133,000 tons, a 316% year - on - year increase [6][7]. Trading Logic - US cotton: It was slightly weak in the short term but had potential positive factors due to possible trade negotiations and the weather trading peak [8]. - Zhengzhou cotton: The upward space might be relatively limited considering factors such as downstream demand and potential additional sliding - scale tariff quotas [8]. Trading Strategies - Unilateral: US cotton was expected to be slightly stronger in a volatile trend, and Zhengzhou cotton was expected to be slightly stronger in the short - term [9]. - Arbitrage: Hold a wait - and - see attitude [10]. - Options: Sell put options [10]. Cotton Yarn Industry News - The cotton fabric market was cold, with manufacturers having small - order shipments, and weavers reducing production and taking holidays. Spinning mills' cash - flow losses were not significantly improved, and downstream procurement was mainly on a need - to - buy basis [11][13]. Group 3: Options - Option data: For example, on July 16, 2025, the CF509C14000.CZC option had a closing price of 188 with a 9.2% decrease [14]. - Volatility: The 10 - day HV of cotton was 4.4970, and the implied volatilities of some options were given [14]. - Option strategy: Sell put options, and the market's bearish sentiment was alleviated [15][16].

1. Report Information - Report Name: Pioneer Futures Options Daily Report - Date: July 11, 2025 [1] 2. Industry Investment Rating - No industry investment rating information is provided in the report. 3. Core Viewpoints - The report provides a comprehensive analysis of various options, including their implied volatility, historical volatility, and real - time volatility. It also offers trading suggestions for volatility trading and calculates the minimum annualized returns for risk - free arbitrage in different options [6][23]. 4. Summary by Directory 4.1 Shanghai Stock Exchange Options 4.1.1 Shanghai 50ETF - **Basic Information**: The settlement prices of call and put options at different strike prices are presented. The trading volume of the main - contract options is 2,024,025 lots, the open interest is 984,937 lots, the trading volume ratio of call to put options is 1.57, and the weighted - average implied volatility is 15.85% [19][21]. - **Volatility Trading**: Suggestions are to sell the options in the month with a higher curve and buy those in the month with a lower curve for different months; sell the options with points above the curve and buy those below for the same month [23]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 14.5% at the settlement price and 7.38% at the counter - price [27][29]. 4.1.2 Huatai - Berry SSE 300ETF - **Basic Information**: The settlement prices of call and put options at different strike prices are given. The trading volume of the main - contract options is 1,399,434 lots, the open interest is 748,062 lots, the trading volume ratio of call to put options is 1.87, and the weighted - average implied volatility is 16.27% [30][32]. - **Volatility Trading**: Similar to the Shanghai 50ETF, sell the options in the month with a higher curve and buy those in the month with a lower curve for different months; sell the options with points above the curve and buy those below for the same month [34]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 10.4% at the settlement price and 0.80% at the counter - price [38][39]. 4.1.3 Southern CSI 500ETF - **Basic Information**: The settlement prices of call and put options at different strike prices are shown. The trading volume of the main - contract options is 1,440,316 lots, the open interest is 775,588 lots, the trading volume ratio of call to put options is 1.55, and the weighted - average implied volatility is 16.92% [40][42]. - **Volatility Trading**: The same trading suggestions as above are provided [46]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 21.7% at the settlement price and 7.42% at the counter - price [49][51]. 4.1.4 Huaxia SSE STAR 50ETF - **Basic Information**: The settlement prices of call and put options at different strike prices are presented. The trading volume of the main - contract options is 716,688 lots, the open interest is 906,895 lots, the trading volume ratio of call to put options is 2.6, and the weighted - average implied volatility is 27.48% [52][54]. - **Volatility Trading**: The trading suggestions are consistent with the previous ones [58]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 11.9% at the settlement price and 0.26% at the counter - price [61][63]. 4.1.5 E Fund SSE STAR 50ETF - **Basic Information**: The settlement prices of call and put options at different strike prices are given. The trading volume of the main - contract options is 180,975 lots, the open interest is 263,862 lots, the trading volume ratio of call to put options is 2, and the weighted - average implied volatility is 29.64% [64][66]. - **Volatility Trading**: The same trading suggestions are provided [70]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 23.4% at the settlement price and 4.23% at the counter - price [73][75]. 4.2 Shenzhen Stock Exchange Options 4.2.1 Harvest SSE 300ETF - **Basic Information**: The settlement prices of call and put options at different strike prices are shown. The trading volume of the main - contract options is 197,888 lots, the open interest is 140,185 lots, the trading volume ratio of call to put options is 2.05, and the weighted - average implied volatility is 16.67% [76][79]. - **Volatility Trading**: Similar trading suggestions are given [81]. - **Risk - Free Arbitrage**: The minimum annualized return of the optimal arbitrage portfolio held to maturity is 15.6% at the settlement price and 1.22% at the counter - price [85][86]. 4.2.2 E Fund ChiNext ETF - **Basic Information**: The settlement prices of call and put options at different strike prices are presented. The trading volume of the main - contract options is 1,665,179 lots, the open interest is 1,005,995 lots, the trading volume ratio of call to put options is 1.55, and the weighted - average implied volatility is 23.58% [87][89]. - **Volatility Trading**: The same trading suggestions are provided [94]. - **Risk - Free Arbitrage**: No risk - free arbitrage information is provided in the report. 4.3 Other Exchanges - The report also lists the options of CFFEX, ZCE, DCE, SHFE, INE, and GEE, but no detailed data and analysis are provided in the given content.

Core Insights - Bitcoin has reached a new all-time high, with options traders targeting higher price levels, specifically $115,000 and $120,000 [1] - The surge in Bitcoin's price is driven by institutional demand, reinforcing bullish sentiments since the U.S. elections in November [1] - The options market reflects strong bullish sentiment, with significant short positions being liquidated, indicating an overcrowded bearish stance [1] Group 1 - Bitcoin has surpassed the $113,000 mark, with open interest in call options at Deribit concentrated around $115,000 and $120,000 [1] - Longer-term options expiring in September and December have open interest extending to $140,000 and $150,000 strike prices [1] - The recent price increase was preceded by a significant short squeeze, with approximately $447 million in positions being liquidated [1] Group 2 - The bullish trend is supported by the expectation that a potential return of Trump to presidency could lead to a new era of relaxed regulations [1] - Chris Newhouse, research director at DeFi trading firm Ergonia, noted that the market's behavior indicates an excessive buildup of bearish positions that are vulnerable to a short squeeze [1]

Core Viewpoint - MGM Resorts International's stock is experiencing downward pressure following a "sell" rating from Goldman Sachs, which has set a price target of $34, citing concerns over free cash flow generation impacting capital returns and valuation [1] Group 1: Stock Performance - MGM's shares have decreased by 15% over the past 12 months, but are projected to have a 5.2% increase by 2025, supported by the 20-day moving average [2] - The stock has recently achieved its third consecutive weekly gain, surpassing the 200-day moving average, a significant trendline that had previously limited price increases [2] Group 2: Options Market Activity - The 10-day call/put volume ratio for MGM stands at 6.76, indicating a high level of optimism that is above 94% of annual readings, suggesting potential downward pressure if this optimism unwinds [3] - MGM's Schaeffer's Volatility Index (SVI) is at 33%, placing it in the 10th percentile of its annual range, indicating that options traders are anticipating lower-than-usual volatility [4] - The Schaeffer's Volatility Scorecard (SVS) for MGM is 83 out of 100, suggesting that the stock has historically exceeded volatility expectations over the past year [4]