Stock Bucking Prime Day Trend

AMZN is up 52.5% in 2023 and is set for a big Prime Day boost

Deputy Editor
Jul 12, 2023 at 1:29 PM
facebook X logo linkedin Inc's (NASDAQ:AMZN) Prime Day extravaganza wraps up today, the two-day sales event lasting July 11-12. The event has become a cultural phenomenon since it started in 2015, and the stock returns surrounding the event aren't what you expect. Since the sale started in July of 2015, the average AMZN return during Prime Day is -0.34%. 

Digging deeper, stock finished higher only three times over the past eight Prime days: 2017, 2018, and 2021. Last year, stock finished its July 13 Prime Day down 1.2%. This year is looking up, however, with the shares heading for a 2.2% pop in the two-day period.

Currently above all notable short- and long-term moving averages, AMZN --a popular stock pick over here at Schaeffers -- still has room to run. Year-to-date, the equity is now up 52.5%, and was last seen up 1.5% to trade at $130.66.

The options pits have been firmly bullish leading up to today, per AMZN's 50-day call/put volume ratio of 2.30 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio ranks higher than all other readings from the past year, meaning calls have been picked up at their fastest rate in 12 months. 

These options traders are pricing in low volatility expectations at the moment, too, per AMZN's Schaeffer's Volatility Index (SVI) of 30%, which ranks in the low 10th percentile of its annual range. 




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