BY ANDREW GIOVINAZZI
October 30, 2024
Yo Pit Crazies,
Traders are starting to bet big on a Donald Trump win. How do I know? Well just look at Trump Media and Technology Group (Ticker: DJT). This stock is starting to take a lot of oxygen like Nvidia Inc (Ticker: NVDA) used to do at the beginning of 2024. The Invesco QQQ Trust (Ticker: QQQ) closed above $500. Alphabet Inc (Ticker: GOOGL) up smartly post earnings.
Betting markets have Trump 60/40 favorite over Harris right now. Let’s say a lot of the weight is pushing to one side. We have a Special Situation for the ages.
Is 6000 SPX in the cards?
SPX option prices says so
The SPX Nov08 straddle is trading for $150.00. Don’t forget we have an FOMC meet on the 7th and more Big Tech earnings. This year, SPX has moved 150 on the FOMC alone.
What I will say is the straddle has not expanded back to $200. That is putting lower SPX outside of what traders think will happen. They sure do think $6000 SPX will happen.
To Your Trading Success,
AG
Andrew Giovinazzi
30-Year Trading Pro
See what's hot at option pit
CAPITOL GAINS: SMR Aug16 7 call closed for a 150% gain
DELTA STRIKE: VLY Mar15 8 puts closed for a 88% gain
PFE May17 26 calls closed for a 66% win
OP MENTORING: SPY Mar22/19 510 put calendars and 520 calls for 6.4% gain
OPTION SHOPPER: ERX Mar28 65 calls closed for a 90% gain
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