Top 20 Equity Options Traded

in January 2024

February 2, 2024
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Markets continued their upward trend in the first month of 2024.  It was, however, a bit of a wild ride in the final week of January with serious volatility.  During the afternoon of the last day of the month, Chairman Powell indicated that was not expecting the Fed to cut rates in a March timeframe.  Although the market had priced that in, expectations remain for material cuts (75 – 150 bp) around mid-2024.

Even with the downturn late in the month, major indices finished up in the positive.  All major averages (S&P 500, Dow Jones and Nasdaq) all improved around 1% for January.

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

Google returns to the top 20 list in January to complete the “Magnificent 7” (NVDA, META, TSLA, AMZN, GOOGL, MSFT, AAPL).  NVDA continues to out-perform up 28% in the month while TSLA misses down 25% in January.  Here is a chart comparing relative performance for all Mag7 in January.

Mag7 aside, Chipotle was the lead dog in the Top 20 list for January advancing 7%.  Boeing tanked based on terrifying news stories.  Netflix gets a big boost after announcing 13 million new subscribers and adding WWE content.  New tech firms showing up this month are Super Micro, Micron, Palo Alto Networks and Intel.

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

  1. Chipotle Mexican Grill (CMG)
  2. Nvidia (NVDA)
  3. Tesla (TSLA)
  4. Boeing (BA)
  5. Advanced Micro Devices (AMD)
  6. Microsoft (MSFT)
  7. Apple (AAPL)
  8. Amazon (AMZN)
  9. Netflix (NFLX)
  10. Booking.com (BKNG)
  11. Meta Platforms (META)
  12. FedEx (FDX)
  13. Alphabet (GOOGL)
  14. Coinbase (COIN)
  15. Marathon Digital (MARA)
  16. Super Micro Computer (SMCI)
  17. Costco Wholesale (COST)
  18. Micron (MU)
  19. Palo Alto Networks (PANW)
  20. Intel (INTC)

With much speculation on the Fed rate changes and an election year, there will be many trading opportunities in 2024.  Are you risk on or off? 

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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