By Dan Darrow
September 21, 2022
Intraday Update: ABNB, FL
Fed day has finally arrived. With this afternoon likely to bring big volume and lots of volatility, traders are taking it slow this morning. Indices are up modestly after a choppy session Tuesday, and there are a couple of positions that need managing early:
- ABNB slid late yesterday to close at the technical stop, so the Oct21 $135 - $140 call spread roll up needs to be closed. The bull thesis is changing as the stock loses higher support levels.
- We are going to lock in FL. Following it's third test of 40 and third time failing to break above it, FL has rolled into trend support, and with momentum slowing, this is a nice opportunity to book the quick bull trade. The Oct21 $37.50 - $42.50 call spread will be closed this morning pre-Fed meeting, and we can watch for a new setup if the stock clears 40.
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