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)
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**As of the date and time of publication