Top 20 Equity Options Traded

in February 2024

March 4, 2024
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U.S. markets continued their upward trend in February across all major indices for the fourth consecutive month.  Fighting back from a mid-month slump, we saw record highs for the Nasdaq that was up 6% for the month closing at 16,091.92 above the prior high set in November of 2021.  The S&P 500 gained 5% and the Dow Jones Industrial Average rose 2% in February.

At the macro level, PCE inflation rates were in-line with expectations and indicating that inflation is easing, but it still remains above Fed target rate of 2% subduing expectations for a rate reduction in the near term.  These measures are supporting the soft-landing scenario regarding recession concerns.

Crypto is back in play with Bitcoin clearing the $61k price point in February.  Ethereum broke $3k last month its highest price in nearly 2 years.

Artificial intelligence (AI) and machine learning (ML) buzz is captivating headlines and driving the segment boom with great expectations.  Specifically, Nvidia, AMD, GOOGL, MSFT, AVGO, TSM, ARM, SMCI & C3.ai.  See this one-month chart for these AI-focused stocks in February.

Below is a chart comparing ETF performance based on the Dow, Nasdaq and S&P for the month of February 2024. 

The Magnificent Seven pivots to the Fantastic Four with Alphabet, Amazon, Microsoft and Meta.  It was Nvidia in the spotlight all month as it crushes earning estimates and takes the #1 spot in the Top 20 list in February.  Other AI driven symbols such as SMCI, AMD & ARM take more prominent positions.  And Coinbase holds strong as it is strongly correlated to the price of Bitcoin. 

Below are the most active 20 equity symbols based on the number of option trades in eOption accounts in February 2024.  Note that we do not make trade recommendations and are sharing this solely for your interest.

  1. Nvidia (NVDA)
  2. Chipotle Mexican Grill (CMG)
  3. Tesla (TSLA)
  4. Meta Platforms (META)
  5. Super Micro Computer (SMCI)
  6. Amazon (AMZN)
  7. Booking.com (BKNG)
  8. Advanced Micro Devices (AMD)
  9. Coinbase (COIN)
  10. Boeing (BA)
  11. Apple (AAPL)
  12. Palo Alto Networks (PANW)
  13. Marathon Digital (MARA)
  14. Microsoft (MSFT)
  15. Carvana (CVNA)
  16. Walt Disney Company (DIS)
  17. Snap Inc (SNAP)
  18. Netflix (NFLX)
  19. Arm Holdings (ARM)
  20. Palantir Technologies (PLTR)

Does 4 months straight of rising markets create an overbought situation or is this the continuance of a long-term bull market?  March may be a pivotal month.

Stay informed and trade well.

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This information provided for general informational purposes only and should not be considered recommendations or advice by eOption. Past performance is not indicative of future results.

Options trading involves risk and is not suitable for all investors. Options trading privileges are subject to eOption review and approval. Please review the Characteristics and Risks of Standardized Options brochure and the Supplement before you begin trading options.

Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost.

Options involve risk and are not suitable for all investors. Prior to trading options, you must be approved for options trading and read the Characteristics and Risks of Standardized Options. A copy may also be requested via email at support@eoption.com or via mail to eOption, 950 Milwaukee Ave., Ste. 102, Glenview, IL 60025.

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