My trading for Monday was done within the first 30 minutes after the open… What a way to start the week!
We saw a $1.3 million order hit in Nvidia (NVDA) calls, and then a $415K order just minutes later, followed by another $752K order…
The stock was around $944 before rising as high as $966 in about 30 minutes, sending those calls SOARING! Whew — fantastic day and swing trades, and the holiday-shortened week is off to an amazing start!
We didn’t see much in the way of sexy earnings flow Monday morning, but we caught one order in McCormick (MKC), which is a spice company that makes that delicious Montreal Steak Seasoning and a ton of other things.
MKC reports before the open Tuesday and it’s trading right around $70 a share with the bullish trader snagging the April monthly expiration, $75 strike calls.
Market makers expect a move of $4.70, so this one’s close. This is a fairly cheap option, right around $0.85, and can be had for well under what the trader paid for it after the stock sank a bit following an opening pop (he or she bought at the high of the day, $1.03 a contract).
We also saw a ton of action in Micron (MU) with the stock popping darn near 10% at one point, so included a long that expires next month with the stock trading just under $119 Monday afternoon.
There were a couple of MU puts but one was January 2025 and the other was DEEP in the money (April $130 put).
As always, tread and trade carefully. This market is overextended, and it’s closed for Good Friday so volume will likely be light this week.
Monday’s Top Order Flow:
- MKC Apr24 Strike: 75 Calls premium: $115,496 ASK BULLISH
Trade Date: March 25, 2024 Trade Time: 10:09 am - MU Apr24 5th Strike: 130 Puts premium: $140,000 ASK BEARISH
Trade Date: March 25, 2024 Trade Time: 10:13 am - C May24 Strike: 62.5 Calls premium: $419,455 ASK BULLISH
Trade Date: March 25, 2024 Trade Time: 9:56 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. A Bullish Flood Inside the Scanner
This past week was HUGE for the News Flow Scanner…
I saw the balance between bullish and bearish orders flip pretty drastically.
Essentially, the number of bullish orders were nearly double the bearish plays.
By Wednesday afternoon, I saw more than 220 bullish orders!
And let me tell you, that’s a lot.
Some of the biggest of the week came from Marvell, Amazon and Valero Energy.
But here’s the thing… This bullish trend could continue this week
