I got an email asking why I’m so bullish on Snapchat for earnings, and why I’m bearish on Reddit…
I love questions like this, so keep them coming at Dianav@trackingpub.com — just put “VIDEO QUESTION” in the subject line, please!
So in my latest video, I break down why I’m bullish on Snapchat — which I’ve called my earnings trade of the quarter — and bearish on Reddit, going against the grain of what most traders might think.
Because being a good trader often means being a contrarian.
Snapchat’s (SNAP) chart might look terrible on the surface…
But I see potential for a big gap fill — possibly up to $13 or more — which would be a significant move. With call buyers stacking up ahead of earnings, we could be looking at a great short-term play, especially with Snap’s history of massive post-earnings gaps.
On the flip side, Reddit’s options flow has shown some put buying, and while the stock has rallied recently, I’m not convinced the momentum will hold. The options are expensive, and the risk/reward just doesn’t look as attractive to me, so I’m going much smaller in this particular position.
If you want to see my full breakdown on both Snap and Reddit, and why I’m taking these contrarian positions, don’t miss this video up top!
Order Flow:
The markets mostly seem to be waiting for Netflix (NFLX) earnings after the close today…
We didn’t see any order flow, but this stock is pricey anyway. If you’re looking for a cheaper lotto play on NFLX, could take a look at the Disney (DIS) calls that hit Monday, since Disney is a streaming competitor.
The SNAP calls we’ve discussed the past few days are in the Nov. 1 expiration, $11.50 strike, and the RDDT put is listed below.
Also saw some puts in our old friend UP Fintech Holding (TIGR), which looks like a climax top that’s rolling over on the chart. Would have to take profits quickly on these since they expire tomorrow — don’t get caught with your pants down!
*This is for informational and educational purposes only. These are not official alerts issued by Lance, but rather some interesting orders picked by the team at Lance Ippolito Trading.
There is inherent risk in trading. Trade at your own risk.
- RDDT Nov24 1st Strike: 75 Puts premium: $195,840 ASK BEARISH
Trade Date: October 17, 2024 Trade Time: 10:39 am - RDDT Oct24 25th Strike: 74 Puts premium: $116,109 ABOVE ASK BEARISH
Trade Date: October 15, 2024 Trade Time: 3:44 pm - RDDT Nov24 1st Strike: 73 Puts premium: $261,845 ABOVE ASK BEARISH
Trade Date: October 15, 2024 Trade Time: 3:03 pm
Note: If no date is listed after the month, it’s the monthly expiration (third Friday).
The team at Lance Ippolito Trading
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. The Ticker Wall Street Can’t Price Correctly
One of my trading buddies just pulled off 84 consecutive winning trades. All on one ticker.
No losses… Not a single one!
At first, I thought he was pulling my leg. I mean, who goes 84-0 in this market?
But then he showed me his track record… Internally audited and everything, and I was speechless.
Apparently, it’s all thanks to some pricing quirk he spotted.
It happens like clockwork, 20-30 days before option expiration.
He’s calling it the “Income Glitch.”
Now, I’ve seen my share of strategies, but this is different.
He’s been able to use this “Income Glitch” to target an average of $2,156 extra each month… Using a regular brokerage account, on a $10K starting stake.
I’ll be honest, it’s got me intrigued… And a bit puzzled.
That’s why I’m bringing him on LIVE at 1 p.m. ET this Friday, Oct. 18…
I want to see how this works with my own eyes and give you the opportunity too to learn how he does this.
And while I cannot promise future returns or against losses, if you’re interested and would like to see it too, follow this link here to secure a seat.
Oh, and if you tune in Friday, you could get a shot to trade what could be the 85th win with him.
*The profits and performance shown are not typical, we make no future earnings claims, and you may lose money. From 6/28/22 to 10/10/24 the win rate is 100% over 84 published alerts *(see footnote). The average return is 7.25% with an average hold of 13 days. Annualized the return on options is 233.63% per year without compounding.
