When you do what I do for a living, you naturally get a lot of questions. And one of the questions I get most is, “Where is the market going next?”
And my answer is always the same: Heck if I know!
People have been saying for a while now that the market is topping out. And if you followed that advice and stepped away, you probably missed out on a ton of trading opportunities by sitting on your hands because things are still rising.
So I play it day by day and continue dancing with the girl who brought me until the music stops. And the the girl I’m dancing most with these days is chip stocks.
Check out my video up top for my 5-minute rundown!
In the meantime, we covered Snap puts for earnings in Tuesday’s newsletter… And once again, it was the ideal trade after Snap cratered over 35% Wednesday.
This option was trading for about $1.33 a contract at 3:30 p.m. ET on Tuesday.
- SNAP Feb24 9th Strike: 16.5 Puts premium: $123,969 ASK BEARISH
Trade Date: February 6, 2024 Trade Time: 11:17 am
As of this writing just after 1 p.m. ET on Wednesday, this trade was up to the high of the day so far at $5.35 a contract!
So what do we have in store for today? Check out the top flow below — just remember to respect the risk!
Arm Holdings is yet another semiconductor company that’s up BIG the past few months, over 40% and counting.
I’m always leery of puts, like the order in Lightspeed Commerce… It is however a very big order at $472K in premium and within the market makers’ expected move of $3.028 higher or lower with the stock trading around $19.70.
The PayPal and Disney orders are both from Tuesday.
These are all weekly or next week expirations, so they will likely go to $0 if wrong!
Wednesday’s Top Order Flow:
- ARM Feb24 9th Strike: 74 Calls premium: $106,824 ABOVE ASK BULLISH Trade Date: February 7, 2024 Trade Time: 12:05 pm
- LSPD Feb24 Strike: 18 Puts premium: $472,352 ABOVE ASK BEARISH Trade Date: February 7, 2024 Trade Time: 11:18 am
- PYPL Feb24 9th Strike: 59 Puts premium: $178,992 ABOVE ASK BEARISH Trade Date: February 6, 2024 Trade Time: 12:07 pm
- DIS Feb24 9th Strike: 98 Calls premium: $111,000 ASK BULLISH Trade Date: February 6, 2024 Trade Time: 1:01 pm
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. Why I’m So Bullish on Chip Stocks
We’ve been saying it for a couple of weeks…
Chip stocks are some of THE hottest trades in the market right now.
We saw another one SMASH earnings expectations…
This time, it was Supermicro Computer (SMCI) — one of the hottest stocks in the entire market.
After the close on Jan. 29, the stock released its latest earnings report.
The following day, the stock was trading nearly $60 higher…
In fact, it’s up 126% year to date as of today!
Now, I’m assuming many people missed this move.
But anyone using the News Flow Scanner could have seen it coming.
I can say that with 100% confidence because SMCI flashed inside the scanner five times that afternoon.
It’s not hard to see that Wall Street was betting that the stock would perform well on earnings.
