Top 20 Equity Options Traded

in May 2023

June 1, 2023

May was a tale of three tapes as the Dow, S&P and Nasdaq told divergent stories throughout the month.  Tech was back in fashion with the Nasdaq gaining over 5.8% while the S&P ended flattish up 0.26% and the Dow shed 3.48% in May.

The markets all but forgot about the US commercial banking crisis from April and diverted all eyes to the US debt ceiling.  Although the media was in a panic over the potential for the US defaulting on its debt, the markets did not price that in as a likely outcome.  And, the markets were correct with the US House of Representatives approving the bill to suspend the debt ceiling until 2025 on the last day of May. 

Within a specific tech vertical in May, it was Artificial Intelligence (A.I.) everywhere and all at once.  Most every company affiliated with AI made a big move in May with Nvidia, Alphabet, Microsoft, Palantir and leading the way.  Are we reaching the peek of the hype cycle or is this a long-term trend?  Only time will tell. 

Below is a chart comparing relative ETF performance of the Dow, Nasdaq and S&P for the month of May 2023.

Banks fell out of the top 20 in May as fast as they entered in April. With value stocks also out and growth back in play, we see big tech dominating the top 20. Notable on the list are AirBnB, Carvana and Palentir as new entrants.

Below are the most active 20 equity symbols based on the number of option trades in eOption accounts in May 2023. Note that we do not make trade recommendation but are sharing this for your interest

   1. Tesla (TSLA)
   2. Nvidia (NVDA)
   3. Advanced Micro Devices (AMD)
   4. Meta Platforms (META)
   5. Apple (AAPL)
   6. Chipotle Mexican Grill (CMG)
   7. Amazon (AMZN)
   8. Alphabet (GOOGL)
   9. Microsoft (MSFT)
10. Netflix (NFLX)
11. (BKNG)
12. Carvana (CVNA)
13. Palantir (PLTR)
14. Airbnb (ABNB)
15. Visa (V)
16. Upstart (UPST)
17. Exxon Mobile (XOM))
18. Intel (INTC)
19. DraftKings (DKNG)
20. Costco (COST)

Looking into June, we await the next Fed decision on interest rates with multiple deciders seeing no “compelling reason to pause.”  Have the markets priced that in?  Will we go into the summer doldrums in June?  Doubtful.

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.

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.

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