By Dan Darrow
November 03, 2022
Intraday Update: ALLY, STX
A couple of more updates as the indices remain heavy during the first 45 minutes of action:
- ALLY has hit the initial target range, so the plan will be to lock in some money on the Dec16 $27 - $22 put spread and roll down to a tighter Dec16 $25 - $22 put spread. The next target is <23.75.
- STX gapped lower this morning and sank quickly below 48, pushing the prices of the Dec16 contracts higher, and hitting the initial target range (<47.50) before the put spread could be initiated. The early weakness has removed some of the potential for the bearish setup, so while there may still be room to the downside, the fast drop today means we need to hold off initiating the trade for now.
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**As of the date and time of publication