By Dan Darrow
August 29, 2022
Intraday Update: AMD, ALGN
- AMD acted great last week even after NVDA turned in a widely disappointing report, but the stock was unable to withstand the large market-wide drop on Friday. AMD has had a lackluster bounce attempt this morning, and it is now below the technical stop for the Oct21 $105 - $115 call spread. The trade needs to be closed for now, and we will watch to see if AMD can reset above 98-100 to create a new trade in the future.
- The spreads on the ALGN Oct21 options have remained wide throughout the morning, with little volume on either the $250 or $240 strike puts. Getting filled on the proposed Oct21 $250 - $240 put spread seems more challenging at the moment, so we will hold off with the trade for now until liquidity gets better. I will pass along an update when there is a better opportunity to enter the position. The stock needs to stay in a range between 245-260 for a bearish strategy to continue to make sense, however.
Trader Author Portfolio Holdings
**As of the date and time of publication