>>>A new Shadow Trade is coming today, so don’t hesitate!<<<
Volume is finally picking up again on the heels of a positive inflation report, and we noticed a couple of interesting plays Wednesday…
With the S&P 500 up over 1% and the Nasdaq 100 (QQQ) up 1.4% on the day during lunchtime, one that really caught our attention was in Dr. Copper…
Dr. Copper of course being Freeport-McMoRan (FCX), a copper stock.
With shares trading just under $50 and market makers implying a $1.75 move higher or lower this week and implied volatility at 62%, a bullish trader placed an order right near that implied move.
Once copper moves get going, they often hold that trend for a while, and this trader snagged the July monthly expiration, $52 strike call options to the tune of about $125K in premium.
But there’s one wild card that could throw a monkey wrench into everything today…
And that’s the FOMC meeting that concludes with comments from the Fed Chair. Things can get dicey when the Fed speaks, so be sure and consider this risk.
He could send the market soaring on the heels of the best CPI report in a while… Or he could send it into the toilet, all depending on what he says about the timeline for rate cuts.
We saw repeat buying in a stock you don’t see hit the News Flow Scanner all that often: e.l.f. Beauty (ELF).
We also saw an order in Unity Software (U) with shares up over 5% at one point, and a couple of pretty big, bullish orders in Nvidia (NVDA) as well…
Wednesday’s Top Order Flow:
- NVDA Jul24 12th Strike: 125 Calls premium: $650,000 ASK BULLISH
Trade Date: June 12, 2024 Trade Time: 12:18 pm - NVDA Jun24 Strike: 125 Calls premium: $546,855 ABOVE ASK BULLISH
Trade Date: June 12, 2024 Trade Time: 12:07 pm - U Aug24 Strike: 18 Calls premium: $228,095 ABOVE ASK BULLISH
Trade Date: June 12, 2024 Trade Time: 11:19 am - FCX Jul24 5th Strike: 52 Calls premium: $124,560 ASK BULLISH
Trade Date: June 12, 2024 Trade Time: 10:55 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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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.
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Past performance is not indicative of any future results. Trade at your own risk. From 2/21/20 – 6/12/24 on live trades the win rate is 70.8%, the average return is 12.8%% on the options over a 5 day average hold time.
