Bears Catch a Ride on CVNA Puts After a BIG 9% Pop in Shares

by | Jul 14, 2023

We saw a big reversal after markets were up at the open, especially in banks, energy and small-cap names in the Russell 2000…

Financials popped on strong earnings from JPMorgan and Citibank, but then they quickly sold off.

I bought some Alcoa calls on Thursday, and the stock was downgraded Friday morning. The stock dropped over 6% but I added to this position because there’s a big catalyst coming up — earnings on Wednesday after the close. 

So I’m not doing so hot there, but I also added to some SoFi puts with the stock up over 2% shortly after the open before it quickly dropped with the rest of the bank stocks.

Right now, I’m mostly just day trading weekly options and earnings bets, so let’s discuss in today’s video up top!

Video Highlights: 

  • 🔄 Market experienced a big reversal, particularly in banks, energy and the Russell 2000 small caps.
  • ⬇ Alcoa calls were downgraded, but earnings could be a catalyst for a rebound.
  • 📉 Most stocks are being crushed today, with bearish patterns emerging.
  • 💹 Day trading weekly options has been successful, especially with proper risk management.
  • 🐔We have a busy day ahead with a presentation, live trading and preparing Weekend Wiretaps.

Friday’s Top Order Flow: 

  • Carvana Co. (NYSE: CVNA): July 14, $37.50 PUT.
  • Coinbase Global Inc. (Nasdaq: COIN): July 28, $130 CALL.
  • Iridium Communications Inc. (Nasdaq: IRDM): August $60 CALL.
  • And more!

Note: If no date is listed after the month, it’s the monthly expiration (third Friday). 

P.S. Trade the Close With Me Today? 

If you missed the live trading session Thursday, then here’s your second chance! 

Because I’m going live with ANOTHER free trading session at 3:30 p.m. ET TODAY, July 14…

In fact, you can join the room now…

And I definitely think that’s something you’ll want to do… 

Primarily because we’ll be looking for Buzzer Beaters ahead of the banking earnings that take place after the close.

>>>So Just Go Here and Join Me Now!<<<

^Click this link to instantly join the live trading session with me and learn the techniques behind the Buzzer Beater’s Strategy.


WRITTEN BY<br>Lance Ippolito

Lance Ippolito

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