We had some great callouts in the room for "10 Bagger Friday," as it we seem to be calling it now (over my strenuous objections). It was a team effort, everyone working together to hunt for great risk/reward!
SPY pulled a fast one and gapped down overnight, in spite of that Amazon (AMZN) earnings report. Sneaky ... Oh well, no matter. We planned and plotted and came up with some ideas.
It was a choppy morning, but risking vs. 448 on SPY offered some great reward. Eventually it failed and sent us tumbling down to the premarket lows.
The 448 puts went from $2 to a high of $4.50 ... before one of our team members nailed the bottom and then we flipped long and rode it up into 450. The 452 calls went from $0.30 to $1.45. Nice! Planning trades is so easy when you have the levels to guide you ...
AMZN Sets Off After Earnings
AMZN offered us a ton of range in the wake of the ER. Initially we were hawking for the short, but when it bottomed out we started looking for opportunities to go long. Once SPY started to rally, AMZN started to squeeze. If you grabbed 3100 calls on the VWAP reclaim, they were about $24 and went to a high of $97! Not bad at all.
FB Continues to Plummet
Meta (FB) continued its descent into the depths. Some members planned to get short vs. yesterdays lows. The 235 puts offered us a nice double from $2.50 to $5.50 before reversing with the indexes and squeezing a little at the close. The 240 calls went from $0.80 to $1.70. Love it.
SNAP Finally Turns a Profit
Snap Inc. (SNAP) had a great earnings report. They're finally having a profitable quarter. It offered us a nice dip into our 34 watchlist level, then a very quick move into the 38 watchlist level. If you took commons and risked $1, you had a nice 1:4 risk reward. Awesome!
Member Trade of the Day
Edumomo member SpicyEyes killed it today with AMZN and Clorox (CLX) puts (with an assist from Edumomo member Hungerlife777 who called out CLX) and finished the day 9.6% up. Nice teamwork, guys!