【November 28th US Stock Options Leaderboard】

Black Friday half-day market broadly up: S&P 500 up about +0.5%, Nasdaq up about +0.7%, overall recording the best week since June, as the market shifts from the previous weeks' "cut positions first and talk later" to a rhythm of "dare to go long but with hedging."
$Tesla(TSLA)$ This week it surged from over $390 to around $430, with an increase of nearly 10% over the past week, and today it rose about 0.8%. Additionally, with FSD v14 starting a 30-day free trial in North America, expectations for Robotaxi are heating up. On the leaderboard, TSLA Calls had a transaction volume of $113 million, with Calls accounting for 97%, and there was a significant purchase of a long-term June 2028 760C option, typical of using LEAPS to bet on the long-term "car + AI + robot" combination story. Strategy: Bullish but cautious of pullbacks, using slightly out-of-the-money Calls / Bull Call spreads with a duration of 1-3 years to replace heavy positions in the underlying stock or short-term options trading, which will be more in line with the main players' thinking.
$Lulu Lemon(LULU)$ stock price rose from around 170 to near 184 USD this week, but it is still halved from its high point this year. The public conflict between the founder and management over brand positioning, along with tariff pressures, has made the market more cautious about long-term growth. On the options side, the Put transaction volume was 50.52 million USD, with Put:Call = ∞. Multiple deep out-of-the-money Puts for January 2026 at 360/350 were traded at mid-price, resembling long-term capital picking up valuations while hedging against performance risks for the next two years.
$Adobe(ADBE)$ reported by Adobe Analytics shows that online spending on Black Friday has reached $8.6 billion, a year-on-year increase of +9.4%. AI-driven traffic has also seen significant growth. The stock price rose approximately 0.8% that day, but was surrounded by 100% Put transactions on the leaderboard, reflecting a systemic hedging against the high valuation of SaaS and intertwined insurance selling. Strategy: Such high-quality growth stocks (LULU / ADBE) are more suitable for using bullish Put spreads, gradually selling slightly out-of-the-money cash-secured Puts, or small position protective Puts to manage the rhythm, rather than betting on doubling with far out-of-the-money long Calls.
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