By Dan Darrow
November 8th, 2022
Intraday Update: BIIB, DKNG
- BIIB has finally made the push to 289+ to nail the initial target zone, so the plan will be to close the Dec16 $290 - $305 call spread and roll up to a tighter Dec16 $295 - $305 call spread. The next target is 296+.
- Let's scale back some risk on DKNG. The Nov11 short-term strangle has been skewed much more in favor of the bull side, and the move to 12+ this morning has the Nov11 $12 call up even more. The plan will be to see a Nov11 $13 call against the current call to turn the bull portion of the trade into a call spread. This will reduce the overall debit of the strangle by ~35-40%, but still provide a window to capitalize on a pop depending on the outcome of the Prop 27 vote.
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**As of the date and time of publication