Market Rebellion co-founder Pete Najarian bought calls in NVIDIA Corp (NASDAQ: NVDA) and Netflix Inc (NASDAQ: NFLX) after seeing other traders pile into the names, he said on CNBC’s “Fast Money Halftime Report.”
As soon as the markets opened Tuesday, Najarian noticed many of the big tech stocks were getting bought up. Nvidia caught his eye after noticing high volume in short-dated call options.
People were buying the $202 and $205 strikes, Najarian noted, adding that these weren’t call spreads, rather people were buying up both strike prices separately. He noticed the same short-dated call buying activity in multiple strikes for Netflix as well.
See Also: Why NVIDIA Shares Are Rising
The moves in the markets over the past few days have been “absolutely staggering,” he said.
“The velocity of the moves that we are getting is absolutely extraordinary, like something I haven’t seen in a long time.”
Najarian said when he sees bullish call buying activity like what he’s seeing in Nvidia and Netflix, he’s “definitely jumping on board” and that’s exactly what he did.
NVDA, NFLX Price Action: Nvidia was up 4.14% at $205.51 and Netflix was up 4.35% at $629.37 at the time of publication.
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