It may be a low-volume, holiday-shortened week, but there’s no slowing the orders hitting the News Flow Scanner…
And we finally saw one of 2023’s market darlings, Marathon Digital (Nasdaq: MARA), take a dive, and the bears were hot on the trail of this crypto miner!
MARA was up nearly 700% year to date coming into Thursday’s trading action, but a couple of hours before the open, it dropped from flat to down 7.5%.
And that was just the beginning as it continued to free fall until just before lunch time, down as much as 11% to under $28 a share on the day with bears hopping on board for the ride in a number of shorts bets.
They grabbed the Jan. 26 expiration, $27 strike puts, the January monthly puts in the $28.50 and $30 strikes, and then went way out to the March monthly $27 puts.
Then right after lunchtime came the coup de grâce… a $1.2 MILLION order in the January $27 puts. Now that’s some serious premium!
But the bears weren’t the only ones active on Thursday…
We also saw bullish bets in names like Google parent Alphabet and C3.AI, so check out the day’s top flow below!
Thursday’s Top Order Flow:
- MARA Jan24 Strike: 27 Puts premium: $1,184,164 ASK BEARISH
Trade Date: December 28, 2023 Trade Time: 12:05 pm - GOOGL Apr24 Strike: 120 Calls premium: $311,535 ASK BULLISH
Trade Date: December 28, 2023 Trade Time: 11:35 am - AI Jan24 Strike: 27.5 Calls premium: $584,764 ABOVE ASK BULLISH
Trade Date: December 28, 2023 Trade Time: 11:07 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. Ready to Get My Top Trades to Close Out the Year
For options traders, this is a pretty big week. Unlike most weeks, we have two catalysts to trade…
For starters, roughly 4 TRILLION dollars of options contracts EXPIRE at the end of this week.
This really shakes things up on Wall Street.
We’ll likely see a lot more aggressive short-term bets in the options market…
And generally some pretty wild opportunities that’ll happen late Friday afternoon.
But to make it even better…
We’re also coming up on ANOTHER holiday weekend.
New Year’s!
In fact, last New Year’s, me and my traders were able to log a 66% win on LVS over the holiday weekend.
And this weekend, we’re going for it again…
So, if you want a shot at my top three trades for this weekend.
