Options Traders Target Tech Giant Amid String of Highs

Amazon.com stock typically outperforms in April, too

Deputy Editor
Apr 1, 2024 at 1:08 PM
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Amazon.com Inc (NASDAQ:AMZN) has been in the news plenty, replacing Walgreens Boots Alliance (WBA) on the Dow in late February, and announcing a partnership with Eli Lilly (LLY) in March. The stock has continued to extend its streak of two-year highs for the past couple months, with recent support at the 30-day moving average. Today, AMZN hit a two-year peak of $83.00. 

AMZN April1

The shares could continue their run, too, as according to Schaeffer's Senior Quantitative Analyst Rocky White, the equity is one of the strongest performing stocks in April. AMZN finished the month higher in eight of the past 10 years, averaging a 5.3% return.  

This would be good news for options bulls, as call traders have been eyeing the stock recently. Amazon.com stock is a regular on Rocky White's list of stocks that have attracted the highest options volume during the last 10 days, and the past two weeks are no different. During this time, AMZN has seen 2,673,938 calls and 1,339,119 puts exchanged. The weekly 3/28 180-strike call saw the most activity by far. 

AMZN MAO

This penchant for bullish bets is nothing new. According to data at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the security's 50-day call/put volume ratio of 2.58 stands higher than 88% of readings from the past year.

 

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