Aside from JPMorgan, we’re not seeing much in the way of spicy earnings flow yet today…
We did, however, see a massive $2 million buy in the Lamb Weston (LM) November monthly expiration, $70 strike calls, which always catches our attention at that premium, but there’s one problem…
With the stock on the highs of the day, we prefer waiting for a pullback, and we may not get one.
This could be one to watch the next few days to see if that pullback eventually does come, allowing for a lower entry point than $3.05 a contract, which is a bit steep.
Another crucial key to this trade is what the Open Interest says tomorrow…
If that 8,398 or roundabout contracts in Volume today move into Open Interest tomorrow, then that means the $2 million whale is still in the trade.
If not, then it’s time to move on to something else.
Because that’s the beauty of the stock market… When one trade falls through, there’s practically an infinite number of more trades coming down the pike!
We’re also seeing a lot of short-term, bullish flow into auto names like General Motors (GM), Ford (F) and even Stellantis (STLA).
GM and Ford both report this month, but the orders we saw this morning and late Monday only cover this week’s expiration, so strike while the iron is hot!
And as always, keep in mind that these short-dated options move FAST.
Order Flow:
*This is for informational and educational purposes only. These are not official alerts issued by Lance, but rather some interesting orders picked by the team at Lance Ippolito Trading.
There is inherent risk in trading. Trade at your own risk.
- LW Nov24 Strike: 70 Calls premium: $2,037,940 ABOVE ASK BULLISH Trade Date: October 8, 2024 Trade Time: 10:49 am
Note: If no date is listed after the month, it’s the monthly expiration (third Friday).
The team at Lance Ippolito Trading
Lance doesn’t want the CCP spying on him, so you’ll never find him on TikTok. Same goes for other social media sites, which are filled with impersonators, scammers and crypto bros.
You can only find him on his personal YouTube Channel — smash that Subscribe button! https://www.youtube.com/@LanceIppolito
And in his private Telegram channel: https://t.me/+-gVwEIwGJhplMTgx
*This is for informational and educational purposes only. There is inherent risk in trading, so trade at your own risk.
P.S. Your Best Shot to Pick My Brain About the Election
I’m not really a vocal guy when it comes to politics…
But we’re less than one month away from what I think will be the most consequential presidential election EVER for the stock market.
While I would never tell you who to vote for…
I do think we are about to see a flood of insider buying like Wall Street hasn’t experienced in years.
Which is why for the first time this year, I finally revealed my top FIVE bold predictions about the election…
- My personal expectations for who wins…
- The top stocks we’ll see Wall Street buying if Trump wins…
- The top stocks we’ll see Wall Street buying if Kamala wins…
- And the No. 1 Wall Street secret to know BEFORE Nov. 5.
If you want to pick my brains about the elections…
