We’re seeing some fantastic moves Tuesday — the S&P 500 jumped as much as 28 points higher from its previous close after a big gap down early in the session.
Institutional order flow kept rolling in as the rally picked up steam — before dying into the close — leading to some aggressive bounces in tech names and allowing traders to play the dip.
Rideshare platform Lyft saw its shares pummeled in a news-driven sell-off after The U.S. Department of Labor released a proposal that would require gig workers to be considered employees — which, if enacted, would smack down the company’s bottom line.
The stock dropped 15.5% in the first 30 minutes of trading, but Tuesday’s rally helped shares jump more than 10% from its intraday low.
Around noon, my scanners picked up massive call buying, with one big swinger scooping up 3,000 contracts of the Oct. 21 expiration, $12 strike calls for around $162,000 in premium!
And that wasn’t the only top tech name surging Tuesday…
- Lyft Inc. (Nasdaq: LYFT): Oct. 21, $12 CALL.
- Apple Inc. (Nasdaq: AAPL): Oct. 14, $142 CALL.
- Tesla Inc. (Nasdaq: TSLA): Oct. 14, $220 CALL.
Check out my short video and I’ll break down the day’s most unusual options order flow in no time flat!
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See Which Stocks Could Make Another Move Lower…
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.
