High-Flying Tech
Notable Flow 11/21
Good afternoon ladies and lads - small grab for you guys today but some interesting stuff nonetheless. We noticed some whipsaw action across the board today after the relatively flat reaction from NVDA’s ER last night in the indices and a notable parabolic short on MSTR that apparently everybody hit. Funny how that works, innit?
Notable Flow:
HON 0.00%↑ 250C 06/20/2025 Exp
JOBY 0.00%↑ 9C 04/17/2025 Exp
OKTA 0.00%↑ 81C 12/20 Exp
HON 0.00%↑ 250C 06/20/2025 Exp
Vol: 5,557 OI: 461 Avg: $6.45 Prem: $3,582,734
With over 5,000 contracts traded at the Ask, paying over $3 million for the trade, the Volume exceeded Open Interest by over ten times. The big spike in calls caused the Net Premium to reach its highest levels in the past thirty days.
Alright first order of business. Honeywell. What we’ve got here is a pretty textbook falling wedge that has yet to breakout so plenty of time behind the entry on this for those who missed it today. It is pivotal for bulls to hold the gap up as we did during today’s session. This level can be marked as 225.32 shown below. The next thing ideally would be a reclaim of the 10D located at 228.12 as of today’s close.
That brings us to the wedge break just above that mark. With that, we can be more optimistic about upside towards recent highs around 243 with over 6 months time to expiration.
JOBY 0.00%↑ 9C 04/17/2025 Exp
Vol: 13,463 OI: 967 Avg: $0.72 Prem: $975,799
Shares surged today after the company received a buy rating from Needham. This is on top of the 14% gains from 11/19 after the company announced that pilots worldwide could take control of the Joby aircraft in the next generation of one of the most beloved simulation franchises, Microsoft Flight Simulator 2024.
Regardless of the run-up this week, Whales didn’t hesitate to add calls, bringing the call Net Premium to its highest level in the past 30 days.
Pretty electric (get it) chart here on the weekly time frame as we closed above the 200wk-MA for the first time in a long time while also breaking out above this downtrend / wedge. EVTOL stocks such as JOBY and ACHR have become largely popular in recent days as more traders speculate the future for these stocks with tremendous upside in the months-years ahead.
In regards specifically to JOBY itself, the close today was key IMO. A reclaim of the 200wk-MA is a massive boost to bullish sentiment going forward and ideally acts as support from here on out as we near a major level of resistance located at 7.15. Above there, we enter a nice range that has previously shown quick upside, and quick downside alike. Also shown on the chart is the previous flow we pulled a while back for the 10C for the same expiration. While I am particularly unsure about that still being open, they are adding the 9C this go around.
Blue skies ahead for aviation taxis.
OKTA 0.00%↑ 81C 12/20 Exp
Vol: 657 OI: 15 Avg: $4.65 Prem: $305,830
A chain with no previous OI last week got 14 contracts traded yesterday for the first time. Today, the Volume spiked, and 622 contracts were traded at the Ask. The company will report its 2024 Q3 Earnings on 12/03, with analysts expecting an EPS of $0.585 and Revenues of $649.74 million.
This looks nothing more than an earnings bet to me as SaaS has been relatively strong in regards to other companies reporting their quarterly earnings and crushing expectations in recent days. While this is my assumption, the chart has a “bottomy” look it holding that 70.56 mark from the recent sell-off and just chopping amid this range below 81. The 10/20/50 day moving average’s are relatively conjoined at today’s close providing a tight look to price as we await the report.
Well that just about covers it for us. Let us know in the chat or comments below how you have been enjoying these reads thus far as we head into the final stretch of the year with Thanksgiving on the horizon and December around the corner. Appreciate you all immensely for the support and we look forward to continue providing you all with as much insight on these whale’s trades as possible.
Cheers,
Kian, Jersace, & Jon
Hey, guys. Very much enjoy reading these. Concise and informative.