I’m going live at 3 p.m. ET with Tom Busby to discuss this premarket pattern he’s been trading for 30 years, so be sure and check us out!
But before I do that…
Man, what a tear Macy’s has been on this week. We highlighted the weekly $14 strike calls in Wednesday’s newsletter just before it reported earnings, which it crushed.
Those calls popped about 50% on the open Thursday before selling off. They were worth about $0.06 heading into the close, but popped back up to $0.35 Friday morning after Macy’s took off again, bouncing over 7% at one point.
Since Monday’s low just under $11 a share, the stock’s popped damn near 35% this week.
The run up led an institutional trader into the January monthly expiration, $17 strike calls, which would be another big run higher from where the stock’s currently trading.
Considering Macy’s is down over 30% year to date, even after this week’s run, it’s still a long climb back to where it was a year ago.
Check it out on this horrendous daily chart — with my Master Indicator showing a couple of buy signals this week, and a gap up to more than $16 a share.
While there’s no guarantee, as they say… gaps are made to be filled!
As for other plays, we saw a BIG-money move in the Sonos January, $12.50 calls, with a trader dropping over $600K in the speaker company!
The stock popped over 3% this morning before falling all the way flat… before bouncing again.
When stocks hit that I don’t see often, the strike is in the money AND it’s a huge amount of money, that always turns my head.
Check out the day’s top flow below!
Friday’s Top Order Flow:
- SONO Jan24 Strike: 12.5 Calls premium: $603,245 ASK BULLISH
Trade Date: November 17, 2023 Trade Time: 10:19 am
- X Dec23 Strike: 28 Puts premium: $154,573 ABOVE ASK BEARISH
Trade Date: November 17, 2023 Trade Time: 10:52 am
- M Jan24 Strike: 17 Calls premium: $248,521 ABOVE ASK BULLISH
Trade Date: November 17, 2023 Trade Time: 10:34 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.
What a week! For starters…
I sat down with Tom Busby on Wednesday afternoon for a special LIVE training session we called 7 a.m. Secrets…
We demonstrated the power behind his favorite premarket stock pattern…
Since that day, we’ve been flooded with requests to do it again…
So I’m joining him again for a special 3 p.m. ET trading session TODAY, Nov. 17, where we’ll share his No. 1 trading pattern for the last 30 years…