July 18, 2022

Intraday Update: AMC, W

Two more early updates as indices hold onto gains:

  • AMC is pushing through the 100day sma and key 16 resistance level, and the Aug19 $16 - $20 call spread roll up has moved nicely into the money. The plan will be to scale back risk further on the bull portion of the strangle by closing the current spread and rolling up to a tighter Aug19 $18- $20 call spread. The next target is 18+. The bear portion of the strangle will remain open.
  • W is ticking above the tight technical stop level, so the Aug19 $50 - $40 put spread needs to be closed. We need to exit the position before the stock can build momentum out of its lower range under the 50day sma.

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