In Wednesday’s Blitz Daily with Lance Ippolito, we take a look at social media platform Snap as the stock gets ready to report earnings Thursday.
The bears are back with a vengeance Wednesday with markets giving back some gains from the two-day rally…
But the flow is rolling in hot and heavy despite the sea of red as we start seeing the big stocks getting set to report over the next several days!
We’re seeing outsized options action in Snap with the company set to report Thursday after the bell.
Around 1 p.m. EDT, my scanners spotted institutional buyers snapping up about 900 contracts of the Nov. 4 expiration, $10.50 strike calls for $119,000 in premium… and it doesn’t stop there!
We’re also seeing some big put-selling activity in the Oct. 28, $7.50 puts…
Now to the untrained eye, that might seem bearish… But remember, these traders are looking to collect premium with the expectation the option will expire out of the money, so it’s neutral or even slightly bullish!
And it just goes to show… there’s more than one way to make a buck off of earnings events…
Personally, I’m always a fan of following institutional order flow and cheap, out-of-the-money options — in fact it’s already netted a triple-digit return for Weekly Blitz Alerts with Baker Hughes Co. (Nasdaq: BKR), reeling in a 105%* gain overnight — BOOM!
That’s why earnings season is my favorite time of year, and it’s only getting warmed up!
See the flow for yourself…
- ProPetro Holding Corp. (NYSE: PUMP): Jan. 20, 2023, $10 CALL.
- Snap Inc. (NYSE: SNAP): Oct. 28, $7.50 PUT.
- Snap Inc. (NYSE: SNAP): Nov. 4, $10.50 CALL.
- Target Corp. (NYSE: TGT): Oct.. 28, $157 CALL.
Check out my short video and I’ll break down the day’s most unusual options order flow in no time flat!
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Blitz Daily With Lance Ippolito
At Weekly Blitz Alerts, we follow the big fish and what they’re buying. And we do that with my proprietary Blitz Scanner, which alerts me to big, institutional order flow through the day. Then we get in on these plays and follow the “smart money.”
The Blitz Daily with Lance Ippolito is where I go over a few options trades that hit the Blitz Scanner each day, Monday through Thursday. I break down the trades with the sexiest order flow and tell you what could happen with those stocks by the next day’s opening bell.*
If you want in on these explosive options plays, be sure to sign up for Weekly Blitz Alerts! We send entry, profit targets and exits directly to you via text and email alerts.
In the meantime, you can follow me @LanceIppolito on Twitter, Instagram and our YouTube channel for more trading insights and tips. And as always, you can find me right here talking stocks and options trading on WealthPress.com!
*This is for informational and educational purposes only. There is inherent risk in trading, so trade at your own risk.
**The profits and performance shown are not typical, we make no future earnings claims, and you may lose money. From Feb. 21, 2020, through Oct. 12. 2022, on live signals, the win rate was 68%, the average return per trade (winners and losers) was 14.8%, the average winner was 78.8% over an eight-day average hold time.