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Bulls Get Gassed Up for Energy Earnings as Tech Takes a Dive

by | Oct 26, 2022 | Options

Bear market volatility picked back up Wednesday after taking a backseat for a three-day earnings rally…

Markets opened lower Wednesday following weak reports from top tech stocks Microsoft Corp. (Nasdaq: MSFT) and Google Parent Alphabet Inc. (Nasdaq: GOOG).

While the bulls were able to flip the major indexes back into the green for a bit just before lunchtime Wednesday, the bears roared back with a strong afternoon sell-off.

Options flow was strong despite the choppy tape, as institutional traders continued focusing on upcoming earnings events.

With major financial companies in the rearview and the last of the FAANG stocks finishing up Thursday, the earnings agenda shifts its attention to energy, with oil supermajor Exxon Mobil Corp. (NYSE: XOM) set to report ahead of Friday’s opening bell.

Energy names followed up a shaky September with an explosive October, as shares of XOM jumped as much as 28% in the past four weeks.

XOM Chart (Blitz Daily With Lance Ippolito)

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

In the afternoon, my scanners spotted bullish bets in the options chain, including one trader sweeping up about 850 contracts of the Nov. 4 expiration, $107 strike calls for $240,000 in premium!  

And the earnings action is only heating up…

  • V.F. Corp. (NYSE: VFC): Oct. 28, $28 CALL.
  • Tesla Inc. (Nasdaq: TSLA): Oct. 28, $230 CALL. 
  • The Walt Disney Co. (NYSE: DIS): Dec. 16, $109 CALL.
  • Teladoc Health Inc. (NYSE: TDOC): Nov. 18, $30 CALL.
  • Alphabet Inc. (Nasdaq: GOOG): Dec. 16, $105 CALL..
  • Exxon-Mobil Corp. (NYSE: XOM): Nov. 4, $107 CALL.

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

And to find out how I trade “Shadow Blitzes” like these as soon as I see them, join me at 3 p.m. Thursday, Oct. 27 for a special earnings session inside Senior Strategist Roger Scott’s VIP Trade Room!

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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