Today’s the day… Nvidia (NVDA) earnings day!
We didn’t see much in the way of NVDA flow into Wednesday afternoon — we got two orders right before this newsletter was finished, so scroll down — but we did see one buzzer beater on Tuesday in the May 31 expiration, $1,050 strike calls.
One interesting play shared on Telegram was in Freeport-McMoRan (FCX), with a copper bull swooping in to scoop some calls that captures its next earnings report with the stock dipping as much 6.8% on the day…
Right about lunchtime on the East Coast, and with FCX about 1% off the lows and trading around $51.50, a bull grabbed a hefty $2.6 MILLION worth of the August monthly expiration, $60 strike calls.
FCX reports earnings before the open in July, so here’s plenty of time to see how this plays out. I might consider the $55 calls instead. Sure, they’re more expensive, about double the price, but you’ll get much better delta if the stock does indeed rebound, and it’s much closer to being in the money…
The July 19, $55 calls also capture the earnings event, and are of course cheaper, about $0.70 to be exact. So there are a couple of interesting ways one could play this one if they also expect a rebound.
We also threw in a Moderna play since MRNA is one of the strongest stocks in the market, up over 11% today, 50% the past month and nearly 75% the past three months.
While we didn’t see any NVDA flow through the afternoon, we did catch one AMD order.
2 p.m. ET update: We got our first NVDA order — they’re weekly expirations and out of the money. They can and will go to $0 if wrong, so respect that risk!
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NVDA May24 24th Strike: 900 Puts premium: $453,210 ABOVE ASK BEARISH
Trade Date: May 22, 2024 Trade Time: 1:58 pm -
NVDA May24 24th Strike: 790 Puts premium: $588,820 ASK BEARISH
Trade Date: May 22, 2024 Trade Time: 1:47 pm
Wednesday’s Top Order Flow:
- FCX Aug24 Strike: 60 Calls premium: $2,589,031 ABOVE ASK BULLISH
Trade Date: May 22, 2024 Trade Time: 12:11 pm - MRNA Jun24 Strike: 165 Calls premium: $126,160 ASK BULLISH
Trade Date: May 22, 2024 Trade Time: 12:15 pm - AMD May24 24th Strike: 170 Calls premium: $104,540 ABOVE ASK BULLISH
Trade Date: May 22, 2024 Trade Time: 10:23 am
Note: If no date is listed after the month, it’s the monthly expiration (third Friday).
Lance Ippolito Trading Team
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. It’s Time for a Long Holiday Weekend… and 3 Brand-New Trades!
Take a look at this…
What you’re looking at is the result of trades of the last three years that I took right before a long holiday weekend.
Each weekend I took these trades was followed by a Monday where the markets were closed due to a holiday.
After posting 275 winning trades so far, I’ve noticed that giving trades an extra day to simmer has worked out great…
And that’s exactly what these long holiday weekends do.
This is part of the reason why I’m so excited for Memorial Day.
Because you see, I’ve found not one but THREE brand-new opportunities for the holiday weekend…
And while we cannot promise future returns or against losses, I’m sharing it live with my pal Jeffry Turnmire, an amazing trader in his own right, at 1 p.m. ET on Thursday.
Together, we’ll show you how we plan to trade them before this long holiday weekend!
The profits and performance shown are not typical, we make no future earnings claims, and you may lose money. From 5/23/24 through 8.13%, the average win rate is 70.2%. The average weighted rate of return on options trades was 8.13% over a 3 day average hold time.
