Top 20 Equity Options Traded

in May 2024

June 4, 2024
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The final week of May consolidated after we saw solid gains in the first three weeks of the month.  Surprisingly, US markets surged in the last 30 minutes of the final trading day Friday to finish near all-time highs.   The Mag-7 continue to bolster markets with the Nasdaq climbing 6.88%, the S&P gaining 4.84% and the Dow up 2.36 in May.  At the macro level, jobs, inflation and consumer confidence are mostly in-line with expectations.   Despite consumer concerns over inflation, discretionary travel (both domestic and international) is expected to break records this summer.

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

In May, we continue the trend with the top 5 symbols accounting for 50% of the trade volume.  Nvidia also continues to dominate the #1 spot as they are perceived as the clear driver (or beneficiary) of artificial intelligence innovation. 75% of the top 20 are consistent carry-overs from prior months. 

Meme stock, GameStop (GME) is back in the news as the price went on a wild ride trading up over 400% in the middle of the month and settling back to a “paltry” 100% gain in May. NDVA announces a 10-for-1 stock split which will occur June 7.  

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

  1. Nvidia (NVDA)
  2. Amazon (AMZN)
  3. Micron Technology (MU)
  4. Tesla (TSLA)
  5. Meta Platforms (META)
  6. Apple (AAPL)
  7. Advanced Micro Devices (AMD)
  8. Alibaba Group (BABA)
  9. Boeing (BA)
  10. Super Micro Computer (SMCI)
  11. Marathon Digital (MARA)
  12. GameStop (GME)
  13. Coinbase (COIN)
  14. Netflix (NFLX)
  15. Arista Networks (ANET)
  16. Alphabet (GOOGL)
  17. Palantir Technologies (PLTR)
  18. Draft Kings (DKNG)
  19. Exxon Mobil (XOM)
  20. Wells Fargo (WFC)

Remember that April we saw markets consolidate, but it was a brief pull-back as May proved out. There will be lots of news and economic data to digest in June.  Can NVDA and a few other techs carry the market higher? Or, will traders go on vacation this summer? We will discuss in next month’s report. 

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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