[December 5 US Stock Options Leaderboard]

Index small gains: S&P +0.2%, Nasdaq +0.3%, overall fluctuating near historical highs. The market continues to bet on another rate cut this month, with the 10-year US Treasury yield staying around the 4.1% level.

$UnitedHealth(UNH)$​ topped bullish turnover, with 100% Calls, net buying about $11 million, B:S≈5:1—a typical “leveraged long via options” behavior. The stock price is consolidating near $330, still down almost 40% from the early-year high of $540. Several recent research reports argue for a “peak in medical payout ratio pressure, margin recovery starting in 2026,” supporting the bull case. There were also reports today of “unusually high-volume buying of UNH Calls.”
👉 Strategy: Bullish for the mid-to-long term but don’t want to take a large stock position? Use a 3–6 month risk reversal (sell slightly out-of-the-money Put, buy slightly out-of-the-money Call) or a bull call spread to enter; if you already hold shares, just add a small protective Put as tail insurance.

$Alphabet A(GOOGL)$​ ranked second in bullish turnover, 98% Calls, but net selling of about $33 million, with a large 26/02 260C direct SELL—clearly writing Calls at high levels to lock in profits rather than chasing the rally. The stock price is fluctuating around $320, up nearly 70% this year. Pivotal raised its target from $350 to $400, saying it leads “almost everywhere” in AI TPU, self-developed chips, Gemini, YouTube, etc. However, CEO Sundar Pichai also sold about $10 million in shares under the 10b5-1 plan, and valuation expectations are stretched.
👉 Strategy: If you already hold the stock, selling slightly out-of-the-money covered calls or doing a call spread to “collect rent” is more suitable; if you’re bullish but have no position, selling long-dated slightly out-of-the-money Puts is safer than chasing short-term Calls.

$Nvidia(NVDA)$​ appeared on the large trades list with a 26/02 170C SELL worth about $30 million, indicating some funds are choosing to lock in 2025’s rally gains in the AI leader by writing long-dated Calls. NVDA’s stock dipped slightly on the day, recently consolidating around $180, clearly entering a “digestion phase” compared to the broader market.
👉 Strategy: If you hold NVDA or other AI stocks, you can follow this approach by selling long-dated slightly out-of-the-money covered calls to lock in some profits; if you have no position, don’t chase short-term options for a spike during consolidation. #OptionsFlow