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Bulls Stampede for SQ Calls After Dorsey Tweet

by | Nov 8, 2022 | Stocks

Did you catch this week’s episode of Crush the Open? We covered a lot of ground, from sports gambling to midterm election trading ideas to options flow. 

Join at 9 a.m. EDT every Monday! If you’d like a notification right before we go live, join our Telegram channel here!

It’s Election Day, and the bulls on Wall Street celebrated with some early morning fireworks! 

Markets ran higher after a nice breakout on volume, with the S&P 500 jumping as much as 2% since Monday’s open!  

We saw more order flow in fintech names Tuesday, with Square parent company, Block Inc. (NYSE: SQ), the focus of bullish headlines. 

Analysts at Australian financial firm Macquarie announced an upgrade of SQ, from “neutral” to “outperform,” just a day after CEO Jack Dorsey confirmed on Twitter that Block was on its way to becoming one of the largest “bank like” institutions. Dorsey is the former CEO and a current investor in Elon Musk’s takeover of Twitter.

The news helped shares of Block surge nearly 5% from Monday’s closing price, setting off a flurry of bullish activity in the options… 

Block stock chart (Blitz Daily With Lance Ippolito)

Wondering what those little arrows mean and how they can help improve your trading? Get the details here!

My scanners spotted one big-money buyer run off with over 3,200 contracts of the Jan. 20, 2023, expiration, $70 strike calls for around $1.6 million in premium! 

The midterm flow has been nothing short of phenomenal! Here are a few more trades that caught my eye… 

  • PayPal Holdings Inc. (Nasdaq: PYPL): Nov. 18, $81 CALL. 
  • Block Inc. (NYSE: SQ): Jan. 20, 2023, $70 CALL.
  • Wendy’s Co. (Nasdaq: WEN): Nov. 18, $20 CALL.
  • Bunge Ltd. (NYSE: BG): Nov. 18, $105 CALL. 
  • Walt Disney Co. (NYSE: DIS): Nov. 11, $105 CALL.
  • Netflix Inc. (Nasdaq: NFLX): Nov. 11, $105 CALL.
  • Amazon.com Inc. (Nasdaq: AMZN): Nov. 11, $105 CALL.

Check out my short video as I break down the day’s most unusual options order flow in no time flat! 

P.S. When we see big volume hitting a stock, it’s usually paired with a big move in price

And right now — due to the elections — a lot of stocks are seeing significant volume spikes.

For traders like us, this is a great time to leverage that volume in our strategies.

If you’re curious what other stocks are seeing these outsized moves…

Go Ahead and Click This Link

Blitz Daily With Lance Ippolito

At Weekly Blitz Alerts, we follow the big fish and what they’re buying. And we do that with my proprietary Blitz Scanner, which alerts me to big, institutional order flow through the day. Then we get in on these plays and follow the “smart money.” 

The Blitz Daily with Lance Ippolito is where I go over a few options trades that hit the Blitz Scanner each day, Monday through Thursday. I break down the trades with the sexiest order flow and tell you what could happen with those stocks by the next day’s opening bell.*

If you want in on these explosive options plays, be sure to sign up for Weekly Blitz Alerts! We send entry, profit targets and exits directly to you via text and email alerts.

In the meantime, you can follow me @LanceIppolito on Twitter, Instagram and our YouTube channel for more trading insights and tips. And as always, you can find me right here talking stocks and options trading on WealthPress.com!

*This is for informational and educational purposes only. There is inherent risk in trading, so trade at your own risk. 

WRITTEN BY<br>Lance Ippolito

Lance Ippolito

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