We had another light morning as far as volume, and the only big order we saw in the early going was a short bet in Bitcoin mining company Riot Platforms…
A trader swooped in and scooped up over $100K worth of the weekly RIOT $13 puts, which are in the money — usually a good sign that it’s a decent bet.
BUT… here’s why I don’t necessarily love this…
We saw a big call buyer place a $350K bet on the Jan. 5 expiration, $12.50 strike calls — which we gave away in this very newsletter on Monday — for Marathon Digital Holdings Inc. (Nasdaq: MARA).
Marathon Digital is of course another big crypto miner and a cousin stock to RIOT…
And MARA was on an absolute tear Tuesday, up over 6% during the first half-hour of trading, and as much as 8.9% by lunchtime on the East Coast.
So the RIOT trader was likely looking for some downside after it popped 4.4% right after the open before falling about 3.5%… before surging higher again.
As I said, flow has been pretty light, but it’s been a party of good trades closed in MARA, CRWD and BA!
We also saw some Tesla calls, which reminds me… join me at 1 p.m. ET on Wednesday for THE Perfect Tesla Trade!
Tuesday’s Top Order Flow:
- RIOT Dec23 1st Strike: 13 Puts premium: $104,390 ASK BEARISH
Trade Date: November 28, 2023 Trade Time: 9:55 am - TSLA Dec23 1st Strike: 250 Calls premium: $115,696 ASK BULLISH
Trade Date: November 28, 2023 Trade Time: 11:27 am - COIN Dec23 1st Strike: 130 Calls premium: $162,748 ABOVE ASK BULLISH Trade Date: November 28, 2023 Trade Time: 1:03 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.
We Can Target the Same 100% Return Almost Every Thursday Afternoon
Darn near 3,000%…
That’s about how much Tesla’s stock has returned over the last 10 years, from about $8.40 to $243 a share…
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I don’t — and neither does Wall Street!
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