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Market Insights

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Roku and Tesla Among the Busiest Symbols Last Month: October at TradeStation

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Fast-moving technology stocks dominated activity at TradeStation again last month as the Nasdaq-100 broke out to new highs.

Roku (ROKU) was the second-busiest symbol among our clients in October as it rebounded from a huge drop the previous month. Sentiment has swung sharply in the digital-media company as investors weigh the risk of competition against its strong earnings history. ROKU’s next set of numbers is due next Wednesday, November 6, after the closing bell.

Tesla (TSLA) was the other standout name after CEO Elon Musk engineered a sharp improvement in profitability. That triggered a short squeeze and gave the electric car maker its biggest monthly gain in 5-1/2 years.

Only three exchange-traded funds made the top 10 in October. That’s common during periods of low volatility because investors tend to focus more on individual stocks.

Here’s the complete list:

  1. SPDR S&P 500 ETF (SPY): The market-tracking fund held the No. 1 spot.
  2. Roku (ROKU): The streaming-video stock remained in second place last month.
  3. Apple (AAPL): The smartphone giant kept its position as it broke out to new highs and reported earnings.
  4. Tesla (TSLA): The electric-car maker rose from No. 8 in September.
  5. Netflix (NFLX): The streaming-video stock edged down one notch from the previous month.
  6. Amazon.com (AMZN): The e-commerce giant inched up from seventh place.
  7. ProShares UltraPro QQQ (TQQQ): The leveraged Nasdaq-tracking fund inched down two positions.
  8. Nvidia (NVDA): The semiconductor stock slipped from No. 7 in September.
  9. Facebook (FB): The social-media giant held its position.
  10. VelocityShares Daily 2x VIX Short-Term Exchange-Traded Note (TVIX): The long-volatility product reentered the list, climbing from No. 11.

The following symbol exited the top 10:

  • Micron Technology (MU): The memory-chip maker dropped from sixth in September to No. 16 in October.

About the author

David Russell
David Russell is VP of Market Intelligence at TradeStation Group. Drawing on two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them apprised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.

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