AMZN Calls Red-Hot Ahead of Rescheduled Prime Day

The equity has almost doubled in the past 12 months

Deputy Editor
Oct 12, 2020 at 12:17 PM
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Amazon.com, Inc. (NASDAQ:AMZN) stock is getting a big boost ahead of its rescheduled Prime Day event, which is set to kick off this Wednesday, Oct. 14. The 48-hour online sale was confirmed several weeks ago, following multiple pandemic-related postponements. At last check, AMZN is up 4.5% at $3,435.21. In fact, over the last week, the equity added 7.2%, and is headed for its highest close in over a month. 

Options bulls have their sights set on AMZN, too. Once again, the equity showed up on Schaeffer's Senior Quantitative Analyst Rocky White's list of 20 stocks that have attracted the highest weekly options volume in the last 10 trading days. White's data shows 980,572 calls exchanged during this time period, compared to 716,217 puts. 

Most Active Options Oct 12

This penchant for bullish bets is continuing on into today's trading. So far, 176,000 calls have exchanged hands, which is double the intraday average. This is compared to the 88,000 puts exchanged so far. Most popular is the monthly October 3,500 call, followed by the 3,400 call in the same series, with new positions being opened at both. This suggests investors are speculating on more upside for AMZN in the days ahead. 

Circling back to the charts, it looks like the e-tailer is well on its way to reclaiming its early September record highs. The security's pullback from this peak was deftly captured by its 100-day moving average, with additional support coming in at the 80-day moving average. The equity has almost doubled in the past 12 months, too, up 98.2% year-over-year. 

chartamzn oct 12


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