Options Traders Scored a Profit With This Best Buy Trade

Our recommended BBY put options scored a profit in under three days

Deputy Editor
Nov 9, 2023 at 2:17 PM
facebook X logo linkedin


Subscribers to our new In-the-Money Countdown (ITMC) service scored a 101% profit in just three trading sessions with our Best Buy Co Inc (NYSE:BBY) weekly 11/10 70-strike put. We recommended this contract on Sunday, after the stock's Friday close of $67.19.

At the end of last week, the electronics retailer formed a bearish candle below its descending 20-day moving average. And the $68 level, which was just overhead, coincides with the stock's May and early-October lows, giving it potential for support turned resistance.

Furthermore, these resistance levels also coincide with the $15 billion market cap level. Combining open interest (OI) from the 11/0 and 11/17 series, there was also stacked put OI down to the 62 strike. 

BBY INTC

Today, the shares of BBY are sinking to 52-week lows, down 0.7% at $63.49 at last glance, and are on track for their fourth-straight daily loss since our recommendation. Since the start of the year, the equity is down 20.8%. 

BBY Nov9

Options traders are in luck because trades like these can be had for a discount. Check out the link below to subscribe for our In-the-Money Countdown, which is currently running a one-month sale!

In-the-Money Countdown—For Only $795!

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI