Schaeffer's Option Advisor Delivers Software Stock Win

Breaking down a big winner from Schaeffer's Option Advisor

Managing Editor
Jan 23, 2024 at 1:37 PM
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Subscribers to Schaeffer's Option Advisor doubled their money with the Arista Networks Inc. (NYSE:ANETFebruary 17, 230-strike recommendation. We're going to take a look back to see why we were initially bullish on the cloud software stock, and how the options trade unfolded.

At the time of our recommendation in our January newsletter, which went live on our site on Dec. 21. ANET -- trading at roughly $235 -- was a momentum play after just having cleared the top rail of a channel connecting May-November peaks. This channel was on the rise and potential support going forward, after the bottom rail was a point of short-term hesitation point back in November and early December before getting cleared. 

Total put open interest (OI) outpaced call OI, and options were affordably pried at the moment. This was per ANET's Schaeffer's Volatility Index (SVI), that ranked lower than 90% of the readings in its annual range, hinting at extremely tame volatility expectations.

As expected, the shares stayed within that bullish channel. A key upgrade on Jan. 8 likely caught those options bears off guard, helping ANET gap higher to what then was a record high. We closed our position on Friday, Jan. 19, with ANET opening at roughly $260, allowing subscribers to collect the full 100% target achieved. 

Postmortem ANET

 

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101.0% GAIN on Apollo Global Management calls
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102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
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