loader image

Huge Gap Down Tuesday Prompts Bullish Stampede in Chip Stocks

by | Mar 19, 2024

Join me LIVE at 3 p.m. ET TODAY to see my go-to strategy for quick turnaround plays that are perfect for this market!

With chip stocks and just about everything but blue chips selling off hard Tuesday morning before rallying just as strong, we’ve seen some amazing trading action. 

With Micron (MU) reporting Wednesday after the close, some of the best action was in chip stocks…

A couple of plays that caught my attention just so happened to be in… you guessed it, a chip stock — Marvell (MRVL). 

We also saw a lot of bullish activity in Supermicro Computer (SMCI), but let’s stick with plays in stocks that don’t cost $900 a share and thousands of dollars per option contract.

Marvell was down as much as 5.3% to just under $64 a share in early early trading, and a big-money bull stepped in to snag the weekly expiration, $62 strike calls right about 9:50 a.m. ET — which just so happened to be the low of the day. 

Those babies exploded about 45% higher by 12:30 p.m. ET. Right before that, we spotted a real whale of an order…

AT 12:08 p.m. ET, someone scooped  up $2.4 MILLION in premium worth of the April monthly, $70 strike calls with shares trading right around $65. 

We saw a bullish bet to the tune of nearly $600K in MU on Monday, and also spotted a bearish bet on Tuesday. Puts are oftentimes hedges against long stock positions, but Tuesday’s short is deep in the money at $97.50 with shares trading around $94, so that makes things a bit more interesting there.

It’s also the September monthly expiration so that gives them a lot more time to end up right in case they’re wrong initially.  

As always, only trade what you’re OK with losing!

Tuesday’s Top Order Flow: 

  • MRVL Apr24 Strike: 70 Calls premium: $2,414,314 ABOVE ASK BULLISH
    Trade Date: March 19, 2024 Trade Time: 12:08 pm
  • MU Mar24 28th Strike: 95 Calls premium: $598,133 ABOVE ASK BULLISH
    Trade Date: March 18, 2024 Trade Time: 9:35 am
  • MU Sep24 Strike: 97.5 Puts premium: $368,880 ASK BEARISH
    Trade Date: March 19, 2024 Trade Time: 12:53 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. My Overnight Moves LIVE Session Is Starting NOW!

What if you could target overnight stock moves for quick flips?

Well, you can if you use this strategy! 

Here’s why I’m so stoked about it… 

While most folks spend countless hours scouring charts or researching stocks until their eyes bleed, this new phenomenon has been able to help me and average traders skip all the madness… 

And tap into what I believe is one of the most powerful forces driving stocks. 

It’s all thanks to this little green “Knockout Line” and its ability to gauge Wall Street’s biggest transactions on certain stocks… 

And when those transactions rise above it… 

We’ve been able to “Quick Flip” overnight stock moves into opportunities that are worth a nice chunk of change in as little as a single day.

Obviously, I cannot guarantee you future profits or against losses — the stock market always has risks. 

But if you’re interested in discovering more about this phenomenon, use the link below now… 

The live room is already open and I’ll start at 3 p.m. ET sharp! 

See You There!

P.S. Bring a pen and pad to this session because I’m going to share some of my favorite stock picks for this strategy. 


WRITTEN BY<br>Roger Scott

Roger Scott

What to read next

Have any questions? Contact Our Customer Service Team

Share via
Copy link