OKTA Puts Rocket Ahead of Potential Market Pullback

by Lance Ippolito | Jun 1, 2023

Before we get to the top order flow of the day, we had an absolute monster trade come out of Wednesday’s live session during the last hour of trading…

We saw a big order over $200,000 in the June 9 expiration, $84 strike puts in Okta, which then proceeded to tank on earnings, down over 20% at one point Thursday.

I got in around $2.60 a contract during the live session for all to see, and those bad boys peaked well above $13 a contract about an hour after the open Thursday — you love to see it!

As far as Thursday’s top flow…

Options traders are seeing a decline in AI-related stocks, with Palantir and Medical Properties Trust seeing put buying.

Here are a few highlights:

📉 Palantir and MPW saw put buying for future declines in AI-related stocks.
📉 Gold and bonds rallied, implying a sell-off in U.S. equities may be imminent.
📈 We also saw SoFi break out to the upside, with one trader swooping in to try and get in on the momentum.
🔍 We could see a short squeeze Friday, but I’m going to be more selective and cautious in my trading for the short term because we could see a pause if not a sell-off.

Today’s Top Flow

Amazon.com Inc. (Nasdaq: AMZN): June 23, $122 PUT.
Medical Properties Trust Inc. (NYSE: MPW: September 15, $8 PUT.
SoFi Technologies Inc.: June 9, $6.50 CALL.

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