We hit on a nice cousin stock play this morning, with Kohls (KSS) surging on the open on the heels of TJX Cos. (TJX) earnings before selling off…
Which is why we often like to exit or at least trim positions on the opening pop — maybe leaving a runner on
Buy the dips and sell those rips, as they say!
We still have some retail earnings left to come, like Ross (ROST) after the close Thursday — which could provide another pop or drop for KSS — but today, let’s take a look at a tech stock…
Snowflake (SNOW) is a cloud company that reports after the close, with market makers expecting a move of $13.86 higher or lower.
SNOW was once a high-flier after debuting in September 2020 amid the pandemic, hitting highs darn near $400 a share.
But by June 2022, it was all the way down to $120. It’s now trading around $134 a share after hitting a near-term peak of $230 back in February. Year to date, it’s down 32% but in an uptrend since the beginning of the month, up about $21 since hitting a low for the year just under $113.
Will it pop on earnings? Your guess is as good as ours, but we didn’t see multiple orders, which usually boosts our confidence. But it does have the potential to make serious moves after its quarterly reports!
That’s why we always respect the risk and trade small if at all for earnings!
We also saw a longer-dated Wynn Resorts (WYNN), and we all know we’re big fans of the casino stocks! This play catches earnings in November, so could be at least worth putting on a watchlist for the time being.
I also have a trade I’m eying for earnings this week that I’ll go over during today’s Trade the Close session at 3 p.m. ET — don’t be late!
Order Flow:
*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.
For a longer-term play, we saw a fairly sizable order in the Wynn Resorts (WYNN) $80 strike calls with shares trading up nearly 2% today around $77.50.
- SNOW Aug24 23rd Strike: 140 Calls premium: $112,500 ASK BULLISH
Trade Date: August 21, 2024 Trade Time: 12:25 pm - WYNN Nov24 Strike: 80 Calls premium: $311,250 ASK BULLISH
Trade Date: August 21, 2024 Trade Time: 10:04 am
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.
It’s my favorite day of the week, and it’s time to…
We’ll be looking at some of my favorite tickers, AND checking out what’s hitting on the Penny Options Scanner.
