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The Latest Orders In the GameStop Drama and 2 Earnings Plays on Deck

by | Jun 10, 2024

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Just when things couldn’t get any more weird in the GameStop/Roaring Kitty short squeeze daytime soap saga…

Mr. Kitty, aka Keith Gill, now appears to be DOWN in his position after holding a livestream Friday afternoon while the stock was tanking about 50%. After peaking above $64 a share overnight from Thursday to Friday last week, shares are down another 15% and under $24 on Monday afternoon. 

His calls were worth over $25.00 a contract at one point, and they dipped under $5.00 today…

I would have hit the sell button a long time ago!

We did see some traders stepping in to help defend his breakeven point, so does GameStop have more room to squeeze, and what are traders hitting today? 

We saw a big trader step in to grab the June monthly expiration, $25.50 strike calls to the tune of $558K in premium, which is no small order. And we also included an at-the-money put order someone bought for good measure. 

As always, you must respect this risk, and even more so when it comes to stocks squeezing or coming off a squeeze. 

If GameStop CEO Ryan Cohen starts buying shares, I wouldn’t be shocked to see GME squeeze again. This is pure speculation on my part, so do with this information what you will. 

As for earnings plays this week…

Oracle (ORCL) reports after the close Tuesday, and a bullish trader stepped in to snag some August monthly expiration, $140 strike calls with shares trading right around $125. 

Market makers expect a move of $8.25 higher or lower, so these are a bit far out of the money. We also saw a couple of put orders last week that we covered on Friday. 

We also saw a bullish order in Adobe (ADBE), but this is one pricey stock!  And finally, we saw a rare bet in Broadcomm (AVGO) puts ahead of earnings Wednesday. Market makers are implying a +/- $77.42 move. With the stock at record highs, the $288K trader could be protecting stock or playing an earnings miss that could see the stock down to $1,305-$1,340

Monday’s Top Order Flow: 

  • ORCL Aug24 Strike: 140 Calls premium: $147,030 ASK BULLISH
    Trade Date: June 10, 2024 Trade Time: 11:12 am
  • ADBE Jun24 14th Strike: 470 Calls premium: $176,320 ABOVE ASK BULLISH
    Trade Date: June 10, 2024 Trade Time: 11:29 am
  • AVGO Jun24 14th Strike: 1380 Puts premium: $288,420 ASK BEARISH
    Trade Date: June 10, 2024 Trade Time: 2:21 pm
  • GME Jun24 14th Strike: 25 Puts premium: $130,055 ABOVE ASK BEARISH
    Trade Date: June 10, 2024 Trade Time: 12:36 pm
  • GME Jun24 Strike: 25.5 Calls premium: $558,225 ASK BULLISH
    Trade Date: June 10, 2024 Trade Time: 11:36 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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The profits and performance shown are not typical, we make no future earnings claims, and you may lose money. The trades expressed are from historical data in order to demonstrate the potential of the system. From January of 2000 through May of 2024 from the study we have seen a 82.5% win rate on stock with an average winner of 10% and an average return of winners and losers at 5.77% on an average 28 day hold time in a model portfolio. The historical options over the last 5 years have shown a remarkable 169.1% average return per trade of winners and losers over that same 28 day average hold time.


WRITTEN BY<br>Lance Ippolito

Lance Ippolito

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