I’ll be LIVE at noon ET on Friday to cover trading my top 3 weekend stocks — let’s see if anything juicy is hitting the scanner!
Not only do we have Micron earnings after the close Wednesday, it’s also FOMC rate decision day, which just about always tends to throw a monkey wrench into the proceedings.
The markets could make wild moves, especially starting at 2:30 p.m. ET when Fed Chair Jerome Powell will make comments about rates, inflation and the economy in general.
I don’t much care what the Fed does or says, but it will impact trading today so it’s something we have to at least be aware of.
Back to earnings…
As we said above, Micron (MU) is on deck after the close, and this week has been yet another chip stock frenzy.
The market was a bloodbath at the open Monday, which actually opened the floodgates for the bulls to start piling into chip names at a discount.
And while much of the week’s action has been in other than Micron this week, we have seen plenty of orders in MU, including two today: the April monthly expiration, $92 puts, and the July $115 calls.
MU is trading right at $95 today, and market makers expect a $9.39 move up or down following the announcement.
The biggest order this week came Monday in the March 28, $95 calls, which totaled $598K in premium.
As always, respect that risk — and if you plan to make an entry in any trades today, maybe wait till AFTER the Fed stuff is over.
Tuesday’s Top Order Flow:
- MU Apr24 Strike: 92 Puts premium: $324,280 ASK BEARISH
Trade Date: March 20, 2024 Trade Time: 10:44 am - MU Jul24 Strike: 115 Calls premium: $193,440 ASK BULLISH
Trade Date: March 20, 2024 Trade Time: 10:28 am - UAL May24 Strike: 46 Calls premium: $270,677 ABOVE ASK BULLISH
Trade Date: March 20, 2024 Trade Time: 10:56 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.
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*This is for informational and educational purposes only. There is inherent risk in trading, so trade at your own risk.
P.S. When This Happens, the Problem Isn’t Your Analysis
If you’ve ever entered a trade only to see it go completely against you…
And you just can’t seem to figure out where you went wrong, even after looking at the technicals and fundamentals of the stock…
Chances are… the problem isn’t your analysis.
In fact, there’s a good chance your analysis was right…
But the stock was missing one key ingredient – volume.
If you had a chance to see my recent Master Indicator briefing with over 100,000 views, then you know what I’m talking about.
I warned folks that there’s not enough tradeable volume in the stock market to support meaningful moves…
But this is where it gets really interesting...
After successfully flipping tickers like GT, MANU and TRUP despite the overall “low volume” state of the market…
I realized that we can still target meaningful overnight opportunities…
All by doing what I call a ”Quick Flip”!
