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What a wild day of trading!
Following Thursday’s late collapse, the market roared back on Friday with chip stocks once again leading the way. We also saw Tesla take a nosedive after a Reuters report that said the company is abandoning low-cost car plans amid stiff competition out of China…
Only for CEO Elon Musk to later tweet that Reuters is “lying” in response to a ZeroHedge tweet about the news…
Reuters is lying (again)
— Elon Musk (@elonmusk) April 5, 2024
All this before lunchtime on the East Coast, whew! And not only that, but earnings season is once again underway in earnest beginning next week.
We covered some Delta (DAL) calls that hit the ol’ News Flow Scanner Thursday before the sell-off, and these babies are still cheap at right around $1.00 this afternoon compared to where they were bought.
So what do we have in store for today?
CarMax is also reporting next week, before the open on Thursday (Delta reports before the open Wednesday.
With shares trading just over $81 on Friday, a bear stepped in with a pretty hefty $332K order in the April 12 expiration, $80 strike puts.
Puts are oftentimes hedges against long positions should the stock tank on earnings. But this one is right near the money, and the market makers are implying a move of $7.59 higher or lower, so this is certainly in play.
Keep in mind, this play will go to $0 if wrong. So as always, you must respect the risk!
We also saw some longer-dated Occidental Petroleum (OXY) calls with oil’s surge this week, and we’ve had pretty good luck trading good ol’ Harley Davidson (HOG) around here, so check out those calls as well — they’re also VERY short-dated, so be aware of that risk!
Top Order Flow:
- OXY Sep24 Strike: 77.5 Calls premium: $149,910 ASK BULLISH
Trade Date: April 5, 2024 Trade Time: 10:44 am - HOG Apr24 12th Strike: 40 Calls premium: $199,705 ABOVE ASK BULLISH
Trade Date: April 5, 2024 Trade Time: 11:39 am - KMX Apr24 12th Strike: 80 Puts premium: $331,802 ABOVE ASK BEARISH
Trade Date: April 4, 2024 Trade Time: 1:57 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. It’s My Favorite Stock to Trade on 1 Day of the Week
Navigating the stock market can feel like stepping into a world of peculiarities.
After all, it’s filled with a wide variety of gurus who come with their own quirky ways of trading.
And the rather bizarre secret I’m about to share doesn’t deviate from that quirkiness…
When traders enter the weird and wonderful world of trading Tesla, they get to focus on trading one extraordinary stock instead of dealing with the hassles of multiple tickers.
Oddly enough, the pursuit has been quite profitable, as it was not uncommon for the method to produce a long string of winners.
Obviously, I cannot promise future profits or against losses… nothing is guaranteed in the stock market.
Go Here to See How We Trade Tesla
*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.
