It is a monumental day for earnings Thursday, with Apple reporting after the close…
And as Apple goes, so goes the market.
While we didn’t see any big orders for the iPhone-maker hit my News Flow Scanner… we did see a few bullish bets on Square parent company Block’s (Nasdaq: SQ) upcoming earnings report, with the company also reporting after the close Thursday…
Square is of course a payments platform developed for small businesses. Say you go to a food truck for some tacos. When you go to pay, they’ll likely hand you a tablet or a small square (get it?) that you can insert or tap your credit card on, then you’re on your way.
While the chart looks horrible, down over 40% the past three months — and that includes a 6.5% bounce just under $44 a share through Thursday afternoon — it looks like bulls are looking for more upside.
We saw three big-money bets in SQ targeting the weekly, Nov. 10 and monthly $47, $5 and $47 strike calls. All in all, the three orders topped $787K in premium!
As is always the case, if these bets are wrong, they could go to $0 — especially the weekly calls. So use proper risk management and live to trade another day if things go south!
As for the rest of Thursday’s top order flow…
Thursday’s Top Order Flow:
- MARA Nov23 10th Strike: 10 Calls premium: $101,575 ASK BULLISH
Trade Date: November 2, 2023 Trade Time: 10:59 am
- BTU Dec23 Strike: 23 Calls premium: $153,998 ASK BULLISH
Trade Date: November 2, 2023 Trade Time: 9:49 am
- SQ Nov23 3rd Strike: 47 Calls premium: $316,345 ABOVE ASK BULLISH Trade Date: November 2, 2023 Trade Time: 12:54 pm
- SQ Nov23 10th Strike: 45 Calls premium: $187,292 ABOVE ASK BULLISH Trade Date: November 2, 2023 Trade Time: 12:39 pm
- SQ Nov23 Strike: 47 Calls premium: $284,194 ABOVE ASK BULLISH
Trade Date: November 2, 2023 Trade Time: 1:25 pm
Note: If no date is listed after the month, it’s the monthly expiration (third Friday).
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*This is for informational and educational purposes only. There is inherent risk in trading, so trade at your own risk.
I’ve gained quite the reputation for not only banking impressive 24-hour trades… but nailing earnings trades…
And for the first time, I’m inviting you to “steal” my plan for this week’s earnings trades…
I currently have my eyes set on new opportunities like AAPL, DKNG, SQ and many more…
Now I can never promise future returns, or against losses… but I intend to take full advantage of every earnings setup I make this week…
So if you’d like to join me as I prepare…
Past performance is not indicative of any future results. Trade at your own risk. From 2/21/20 – 10/26/23 on live trades the win rate is 68.1%, the average return is 14.1% on the options over a 7 day average hold time, with an annualized return of 138.8%.