Market volume is extremely light, and it’s been the slowest day in a while for orders hitting the News Flow Scanner…
I’m not going to sugarcoat things here today…
I’m feeling bearish about the current state of the market. Apple’s price action today — up over 6% this afternoon — is not normal for a stock like this. It seems to me it’s being manipulated by upgrades from every firm on Wall Street.
Meme stocks are back, GameStop is squeezing again…
To me, this all screams “MARKET TOP!”
It’s time to protect your retirement and trading accounts, and you can start by watching my video after the link for my full breakdown on everything I’m seeing.
Aside from that, we also have some trading to talk…
I’m personally holding just one put contract in Broadcom (AVGO) for its earnings report after the close on Wednesday, worth about $1,800 in risk.
We did, however, see some news with Apple (AAPL) and Affirm (AFRM), with the buy now, pay later company joining the Apple Pay system.
The option arrives on the platform later this year, and the news sent shares of AFRM skyward, up more than 8% at one point, and a bullish trader jumped into the options chain during lunchtime looking for more upside… We also caught another much longer-dated play in AFRM we threw in below.
We also saw a bearish order in Oracle (ORCL), which we covered in Monday’s edition of this newsletter when a bullish order hit in the computer tech company.
Tuesday’s put was a lot heftier in premium, topping $346K. This is a solid order, just a couple of bucks out of the money with market makers expecting a move of $8.70 higher or lower.
As always, you must understand the risk involved. If Oracle shoots up, your trade is dead. So only trade what you can afford to lose.
Monday’s Top Order Flow:
- AFRM Jun24 14th Strike: 31.5 Calls premium: $102,920 ASK BULLISH
Trade Date: June 11, 2024 Trade Time: 12:39 pm - AFRM Jan26 Strike: 50 Calls premium: $188,125 ASK BULLISH
Trade Date: June 11, 2024 Trade Time: 2:31 pm - ORCL Jun24 Strike: 122 Puts premium: $346,150 ASK BEARISH
Trade Date: June 11, 2024 Trade Time: 1:52 pm - NVDA Jun24 Strike: 119 Puts premium: $1,534,650 ASK BEARISH
Trade Date: June 11, 2024 Trade Time: 11:54 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. Too Late to Target Trades in NVDA?
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The profits and performance shown are not typical, we make no future earnings claims, and you may lose money. The trades expressed are from historical data in order to demonstrate the potential of the system. From January of 2000 through May of 2024 from the study we have seen a 82.5% win rate on stock with an average winner of 10% and an average return of winners and losers at 5.77% on an average 28 day hold time in a model portfolio. The historical options over the last 5 years have shown a remarkable 169.1% average return per trade of winners and losers over that same 28 day average hold time.
