I don’t know about you guys, but I’ve been having a blast day trading the dope names — the pot stocks! — this week…
Pot stocks have been totally out of favor for years, but if you’re looking at market internals, this market sucks right now. The S&P 500 and Nasdaq aren’t really moving much at all…
But names like Canopy Growth Corp. (Nasdaq: CGC) on Monday, and then Aurora Cannabis Inc. (Nasdaq: ACB) on Tuesday have been making some insane moves to both the up- and downsides.
Check out CGC over the past two days.
It was up 55% at one point on Monday, so I bought some calls, and then it was up 80%. Then on Tuesday, the stock was down 15%… then rallied 19% to be up 4% on the day… and then it was down over 20% on the day less than two hours later…
And now ACB:
So the penny-wide options for day trades like this are perfect for quick moves — just don’t get married to any of these positions and always respect the risk!
We also saw some calls in movie chain AMZ, and an earnings bet hit today on Nike, which doesn’t report until the day before the option expires on Sept. 29.
Tuesday’s Top Order Flow:
- AMC Entertainment Holdings Inc. (NYSE: AMC): Sept. 29, $11 CALL.
- Macy’s Inc. (NYSE: M): October $12 CALL.
- Nike Inc. (NYSE: NKE): Sept. 29, $98 CALL.
- And more!
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