Earnings season is underway and things have been EXPLOSIVE already… Check out the News Flow Scanner, the foundation of all my trading, and see how it can work for you!
I believe Roaring Kitty, of GameStop meme stock short squeeze fame, is behind the insane action in what has been the No. 1 stock to trade of late: Chewy.
And I did a quick video up top to cover exactly why I believe this to be the case.
Like I said, Roaring Kitty, aka Keith Gill, is the big name behind the GameStop short squeezes we’ve seen a couple of times now, starting in 2020 and once again just a couple of weeks ago, which we’ve covered extensively in this very newsletter.
Then we started seeing some interesting action in Chewy (CHWY) — including 11 orders on Tuesday, which is a TON for this name. Chewy is a mail-order pet supplies company.
Here’s where things get interesting…
The founder and former CEO is Ryan Cohen. The same Ryan Cohen who is the CEO of…
GameStop!
And I believe these two are working in tandem to push Chewy’s stock higher, so check out the video up top and let’s break down what we’re seeing, and look at the flow on Chewy!
We also have some flow listed below in Chewy, and some plays that hit in Micron (MU), which reports after the close today, and Nike (NKE), which reports after the close Thursday.
Late Tuesday, we also saw a $1.2 million order in the July monthly expiration, $146 strike calls, and a $946K order in the June 28, $141 puts.
Market makers expect a move of $17.75 higher or lower on the announcement.
Keep in mind that puts are often protection for a long stock position in case it tanks on earnings. Micron is up just shy of 70% year to date through this afternoon, so a $946K hedge isn’t crazy at all.
That said, this report will be interesting to see considering chip stocks are the darling of the market this year…
Respect that risk!
Top Order Flow:
- MU Jul24 5th Strike: 141 Calls premium: $107,000 ASK BULLISH
Trade Date: June 26, 2024 Trade Time: 12:57 pm - MU Jul24 5th Strike: 143 Puts premium: $106,000 ASK BEARISH
Trade Date: June 26, 2024 Trade Time: 9:34 am - NKE Jul24 Strike: 94 Puts premium: $376,245 ASK BEARISH
Trade Date: June 26, 2024 Trade Time: 9:47 am - CHWY Jan25 Strike: 20 Puts premium: $193,250 ABOVE ASK BEARISH
Trade Date: June 26, 2024 Trade Time: 11:55 am - CHWY Jan25 Strike: 37.5 Calls premium: $1,043,540 ASK BULLISH
Trade Date: June 25, 2024 Trade Time: 3:43 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. Check Out This Order Flow — It’s Been Spot-On!
Not only that, but there’s a $500 discount for the News Flow Scanner EXPIRING TONIGHT!
Micron (Ticker: MU) has had a good run so far in 2024…
The stock is up over 70% year to date…
And with the company reporting earnings today, that seems to be sparking some good news in the media…
I mean, the stock even made the list of The Wall Street Journal’s stocks to watch.
Now, these are just part of the reasons why I put Micron on the list of top 5 earnings tickers to trade this week…
The real reason I’m considering it is because I’ve noticed a flood of bullish orders come through on the stock this week alone
Here’s a few of the biggest ones from Tuesday…
Now here’s the thing…
I think we’re going to see this bullish trend continue, and even strengthen.
Granted, I cannot promise future returns or against losses, but if you want the names of the top 5 earnings tickers on my list…
