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Kicking Off Earnings Season In Earnest With BAC Calls

by | Jan 2, 2024

We might be at the beginning of a low-volume, holiday-shortened trading week… but that didn’t slow the flow of unusual options activity from slamming the News Flow Scanner to kick off 2024!

Earnings season for the fourth quarter 2023 is set to begin in earnest next week with the big banks kicking things off… And we saw one of our first earnings plays hit the tape Tuesday in Bank of America Corp. (NYSE: BAC).

With shares down about 0.4% to about $33.50 but climbing off the lows within the first hour of trading Tuesday, a big-money player stepped in to buy the Jan. 12 expiration, $34 strike call options. 

This was a pretty big bet, worth about $381K in premium, and the trader already has a bit of a built-in cushion as shares of BAC rose through the day, topping $34 a share by the end of lunchtime on the East Coast. 

We also saw a couple of big bets to both the up- and downsides in MSTR, and some puts in GM…

Is this GM play a real downside bet, or just downside protection? 

Tune in tomorrow and I’ll have a video about put buying!

Tuesday’s Top Order Flow: 

  • MSTR Jan24 12th Strike: 800 Calls premium: $306,900 ASK BULLISH
    Trade Date: January 2, 2024 Trade Time: 10:07 am
  • MSTR Jan24 12th Strike: 610 Puts premium: $613,924 ABOVE ASK BEARISH
    Trade Date: January 2, 2024 Trade Time: 1:01 pm
  • BAC Jan24 12th Strike: 34 Calls premium: $380,916 ASK BULLISH Trade Date: January 2, 2024 Trade Time: 10:18 am
  • GM Jan24 12th Strike: 37 Puts premium: $136,505 ABOVE ASK BEARISH Trade Date: January 2, 2024 Trade Time: 11:12 am

Note: If no date is listed after the month, it’s the monthly expiration (third Friday). 

Lance Ippolito Trading Team

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*This is for informational and educational purposes only. There is inherent risk in trading, so trade at your own risk. 

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Just Go Here for the Full Rundown

The performances displayed here are historical examples based on scanner signals for the time period shown. The profits and performance shown are not based on any sort of typicality as there are no published alerts associated. We make no future earnings claims, and you may lose money.


WRITTEN BY<br>Lance Ippolito

Lance Ippolito

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