HOOD nabbed a fresh four-year high earlier
Bitcoin (BTC) yesterday topped the $100,000 level for the first time. In response, shares of MicroStrategy Inc (NASDAQ:MSTR) — the biggest corporate holder of the cryptocurrency — are surging, while trading platform Robinhood Markets Inc (NASDAQ:HOOD) is also popping.
Last seen up 3.8% to trade at $40.35, MSTR is staging a bounce off support at the $421.53 level, which contained a pullback from its Nov. 21, record high of $543. The 20-day moving average has been providing a floor for the shares since September, contributing to its jaw-dropping 584.4% year-over-year lead. Just this quarter, MicroStrategy stock rose 153%.
Short-term traders lean bearish on MSTR, meaning a sentiment shift could provide more tailwinds. This is per the security’s Schaeffer’s put/call open interest ratio (SOIR) of 1.48, which sits higher than 86% of annuals readings.
HOOD is up 1% at $40.40 at last check, and earlier hit a four-year high of $42.76. Shares are eyeing their third-straight gain and fifth positive session over the last six, and is trading above all long- and short-term trendlines. For 2024, Robinhood stock sports a 214.6% lead.
Options bulls are blasting HOOD today, with 81,000 calls across the tape so far, which is double the volume typically seen at this point. The most active contract is the weekly 12/6 41-strike call.