On the heels of Delta and Bank Blowout 2024 kicking off earnings season this week, United Airlines is set to report after the close Tuesday amid another host of big bank stocks…
So what are the bulls and bears buying?
As far as banks, we saw orders in M&T Bank (MTB), Citizens (CFG) and Charles Schwab (SHW) on the heels of reports Friday morning from JPMorgan (JPM) and Citi (C ).
Citi saw a nice pop on the open but immediately sold off, and JPM was down about 3.8% on the open and continued sinking into the afternoon, down as much as 5.7% around 1 p.m. ET with the market (S&P 500) down about 0.9%.
We saw a mix of both bullish and bearish bank bets heading into next week…
As for United Airlines (UAL), Delta got the earnings season going this week with a nice 4-plus percent pop… before selling off back under its pre-earnings share price.
And with UAL down about 4.2% this morning, a bullish trader stepped in to buy the dip, scooping the April monthly expiration, $43 strike calls with shares trading just over $41.
Market makers expect a move of $3.81 higher or lower, so this is an interesting rebound play.
Just be sure, as always, to respect the risk!
Top Order Flow:
- UAL Apr24 Strike: 43 Calls premium: $236,357 ABOVE ASK BULLISH
Trade Date: April 12, 2024 Trade Time: 10:12 am - MTB Jan25 Strike: 110 Puts premium: $140,790 ASK BEARISH
Trade Date: April 11, 2024 Trade Time: 10:36 am - CFG May24 Strike: 35 Calls premium: $270,000 ASK BULLISH
Trade Date: April 10, 2024 Trade Time: 12:20 pm - SHW May24 Strike: 320 Calls premium: $331,660 ASK BULLISH
Trade Date: April 12, 2024 Trade Time: 12:26 pm
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.
P.S. Bank Stock Blowout 2024 Is HERE
Earnings season is upon us again…
And I’m actually excited that financial stocks are set to announce over the next 10 days…
Especially because earnings is really the only time of the year when the usually boring banks have the ability to make large overnight moves.
Plus, this high-rate atmosphere is GREAT for business.
That said, there are about nine notable bank stocks set to announce this month…
Most are happening over the next two weeks…
While I’d never guarantee a future return — no such thing as guarantees in trading — you can tag along and see the stocks I’m interested in.
