The pre-Christmas order flow has been on FIRE, and it’s darn near impossible to keep up with all of the orders peppering the News Flow Scanner.
But one order in particular caught my attention…
Shoe and apparel giant Nike reports quarterly earnings after the close on Thursday, and with shares trading just over $122, a big-money player stepped in with about $284K for a short-side bet in the company that Michael Jordan made famous.
Now… as always… this is an earrings play, and it can and will go to $0 if wrong, so you MUST respect the risk.
But if you’re looking for a dice roll…
Someone entered the weekly expiration, $122 strike puts in Nike, which you should be able to get at a discount from where the big-money trader entered because shares rose through lunch time on the East Coast as the market remained semi-strong…
These puts went for around $3.30 a contract but as of this writing at 1:15 p.m. ET, they were trading for around $3.10.
These could easily be a hedge against a long position just in case the stock sinks on earnings. But what I do like about them is they were in the money when bought.
Nike’s stock chart is super bullish over the past three months, with shares rising over 31%!
As for the rest of the day’s flow…
Wednesday’s Top Order Flow:
- NKE Dec23 22nd Strike: 122 Puts premium: $284,130 ASK BEARISH
Trade Date: December 20, 2023 Trade Time: 10:08 am - COIN Jan24 Strike: 160 Puts premium: $496,480 ASK BEARISH
Trade Date: December 20, 2023 Trade Time: 11:11 am - RIOT Jan26 Strike: 35 Calls premium: $179,824 ABOVE ASK BULLISH
Trade Date: December 20, 2023 Trade Time: 10:57 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. My No. 1 Stock for 2024 Is…
I’ve been trading the market for a very long time. I’ve seen more than my fair share of all-time highs and lows.
And if there’s one piece of advice I would pass along, it would be this…
Don’t listen to what people say…
But rather, watch what they do…
In the last couple of days, we’ve heard the Fed and Chair Jerome Powell say all sorts of things…
But Instead of listening, I’m watching…
And in particular I’m watching the insiders…
Because right now, they’re buying shares at the fastest rate in over a year…
A lot of folks don’t know this, but insider buying often aligns with short-term bottoms…
