BY ANDREW GIOVINAZZI
October 11, 2024
Yo Pit Crazies,
As Nvidia Corp (Ticker: NVDA) got close to another all time high today I couldn’t help but think how they could be the big beneficiary of the new Tesla Inc (Ticker: TSLA) self driving taxi. TSLA seems destined to consume every chip NVDA is going to make. It appears someone might have the same idea.
Heck I think trading this into the close Friday might be a great win.
You see the institutional fingerprint all over this. I even added a short term trade in the Trading Desk for this.
So let’s see how much they spent.
Someone spent $85 million on options
This reminds me of the Softbank Whale Trade in 2020. The big tech fund softbank piggied into 60 day options in the summer of 2020. Pressing IV up and creating a huge upside squeeze in the market. This customer bought a lot more time and also spent a ton of money thinking NVDA will be up another 50% by the 1st quarter of 2025.
It could easily happen. Right now stocks want to go up and it does not pay to get in the way. NVDA is still the stock the market loves. Someone bought $85 million in options to love it for a long time. That institutional fingerprint gets very sticky.
We should see NVDA grab $140 in the short term on any positive momentum out of TSLA. Mark it!
To Your Trading Success,
AG
Andrew Giovinazzi
30-Year Trading Pro
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