Short-dated options allowed turning $500 into $50,000 as market plummeted.

From Yahoo Finance: 2024-07-25 02:00:27

On Wednesday, the market saw its worst day of 2024, with SPY down over 2% and QQQ down more than 3.5%. Mega-cap tech stocks like NVDA, GOOG, GOOGL, and TSLA each fell more than 5%. However, amidst the chaos, short-dated options provided an opportunity to turn $500 into over $50,000 in one day. Put contracts on the QQQ with a strike price of $469 that expired Wednesday afternoon saw a gain of more than 9,900%. This significant move was due to the earnings reports from Tesla and Google, increased volatility, and the unique catalysts driving the market.



Read more at Yahoo Finance: You Could Have Turned $500 Into More Than $50,000 In One Day As Market Got Clobbered: Here’s How