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.

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