Did you catch my video earlier this week, when I said that meme stocks were back?
Well, don’t look now but…
Meme stocks are BACK!
Right around 11:40 a.m. on the East Coast and with the broad markets in the toilet, the OG of meme stonks, GameStop (GME), was down about 1.2% on the day.
Within 30 minutes… BANG! It was up 8.5% — with the company reporting earnings next week.
And wouldn’t you know, the News Flow Scanner snagged a $1.74 million order for the Sept. 13 expiration, $22.50 strike calls, which of course capture that earnings event we just mentioned.
Will GameStop beat earnings Tuesday? Who the heck knows!
What we do know is the market is a mess Friday, with the S&P 500 (SPY) down 1.5% and the Nasdaq 100 (QQQ) down 2.3% as of 1:15 p.m. ET, so if we’re looking for something to trade, we go where the action is!
Why is GME seeing so much action? Well, Keith Gill, AKA Roaring Kitty, tweeted (for the first time since June) what appears to be him dropping Chewy (CHWY).
The $1.7 million GME order hit the News Flow Scanner not even 20 minutes before Gill’s tweet…
Could he be moving back into GME?
Who knows!
Not only that, but the other OG meme stonk, AMC (AMC), bounced over 6% during the same time frame, and while it’s not a traditional meme stock, Peloton (PTON) also squeezed higher (see the orders down below) over the same period before retreating.
Just remember not to chase — keep your eyes out for those dips and those rips — and to always respect that risk!
This is lotto-ticket gambling, and it will absolutely wreck your account if you’re not careful or try to bite off more than you can handle.
Order Flow:
*This is for informational and educational purposes only. These are not official alerts issued by Lance, but rather some interesting orders picked by the team at Lance Ippolito Trading.
There is inherent risk in trading. Trade at your own risk.
- GME Sep24 13th Strike: 24.5 Calls premium: $128,894 ASK BULLISH
Trade Date: September 6, 2024 Trade Time: 12:07 pm - GME Sep24 13th Strike: 22.5 Calls premium: $1,744,166 ABOVE ASK BULLISH
Trade Date: September 6, 2024 Trade Time: 11:42 am - GME Sep24 13th Strike: 40 Calls premium: $98,676 ABOVE ASK BULLISH
Trade Date: September 6, 2024 Trade Time: 1:12 p.m.
Note: If no date is listed after the month, it’s the monthly expiration (third Friday).
The team at Lance Ippolito Trading
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. Things Are Changing in How Whales Trade Options
Smart traders are placing smaller orders in cheaper options more frequently because they know they’re less likely to be tracked…
So as soon as I realized the smart money was focusing more and more on orders under $100K and options priced under $1.00 per contract…
I started building a new scanner to go “deep sea fishing” for these kinds of opportunities.
That’s what led me to:
- TDOC: 7% gain.
- LYFT: 20% gain.
- WBD: 62% gain.
Of course, there were smaller wins and those that did not work out… And I can’t guarantee you’ll ride every trade to new highs or avoid losses — which is impossible in trading.
But I’m guessing it’s only a matter of time until everyone finds out about this subtle shift in the options market…
The profits and performance shown are not typical, we make no future earnings claims, and you may lose money. From 5/13/24 through 7/31/24, the average win rate on live published trade alerts is 90%. The average rate of return on options trades was 53% over a 1.3 day average hold time.
