2 Right Wing, Trump-Linked Stocks Making Moves Today

Options traders are swarming both right wing media companies

Deputy Editor
Mar 31, 2023 at 10:12 AM
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The shares of companies linked to former President Donald Trump are moving higher today, following news that a New York grand jury formally indicted Trump over a probe linked to hush money paid before his 2016 campaign. Digital World Acquisition Corp (NASDAQ:DWAC) and Rumble Inc (NASDAQ:RUM) are significantly higher shortly after the market's open.

Digital World Acquisition, the special purpose acquisition company (SPAC), was last seen 11% higher to trade at $14.50. DWAC's 40-day moving average is keeping a lid on today's gains. Year-to-date, Digital World Acquisition stock remains down roughly 7.5%.

Rumble, the cloud service that hosts Trump's Truth Social, was up 4.3% at $9.74 at last check. Today's bull gap puts RUM in place to close above $9.50 for the first time since early March. Rumble stock just reclaimed support at its 140-day trendline, and now stands more than 62% higher in 2023.

Both equites are seeing an increase in options volume as well. For DWAC, options volume is running at 11 times the intraday average amount, led by the weekly 3/31 13-strike put where new positions are being opened. Rumble stock's options volume is at 29 times the amount typically seen at this point, with the weekly 3/31 10-strike call leading the charge.. 

 

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