By Dan Darrow

November 02, 2022

Intraday Update: ALGN

The FOMC meeting has mostly played out according to expectations this afternoon, with a 75bps hike and language stating they will consider policy lags moving forward when determining the path of rate hikes. The indices have gyrated wildly, but are now sitting near the low of the session, potentially opening stocks up for more near-term downside (though the session is far from over). The plan coming into today was to hold off initiating the two trade ideas from yesterday's letter until after 3:00 pm ET to make sure the setups were still valid, and both are post-FOMC rate decision, though we need to adjust the contracts on ALGN (W will move forward with the same contracts).

  • The new ALGN trade will be a Dec16 $180/$160/$140 put fly (standard ratio 1:2:1)

Open Positions

* The following Open Positions pertain to the Options In Play trade ideas from this and previous editions. Disclosure of the Trader Co-Author’s actual portfolio holdings, as of the date of each publication, is made below under "Trader Author Portfolio Holdings.".

Trader Author Portfolio Holdings

**As of the date and time of publication