Trump Media & Technology stock saw increased options activity over the last 10 days
The 2024 U.S. Presidential election is tomorrow, and Trump Media & Technology Group Corp (NASDAQ:DJT) continues to be a focus for investors. The stock, which is owned by former president Donald Trump and typically used as a sentiment indicator for his Election Day chances, was last seen 2.8% higher at $31.43, but have shed 34% in the five sessions before the election.
We're used to seeing blockbuster names like Nvidia (NVDA), Apple (AAPL), and Amazon.com (AMZN) on Schaeffer' Senior Quantitative Analyst Rocky White's list of stocks that have attracted the most options volume over the last 10 days. But DJT just appeared in the eighth spot on White's list. Over the last two weeks, 2,539,821 calls and 2,146,061 puts traded hands. Most popular over this period was the weekly 11/1 50-strike call, followed closely by the 40-strike call in the same series.
Drilling down today's options activity, bears are more active than bulls. So far, 122,000 calls and 185,000 puts have exchanged hands, and the latter's volume is double the intraday amount. Most popular is the November 10 put, while new positions are being sold to open at the second-most popular weekly 11/8 50-strike call.
After plunging from mid-July to late September and hitting its lowest level since going public, Trump Media & Technology stock moved from $11.75 on Sept. 24 to $54.68 by Oct. 29. After the rally lost steam, DJT logged three substantial consecutive losses. The security was pacing for a fourth-straight loss today, but was saved by its 320-day moving average. And while the stock remains up 80.2% year to date, though a new poll showing Democratic presidential candidate Kamala Harris is leading Trump in Iowa, has led to increased intraday volatility.
