By Dan Darrow
September 27, 2022
Intraday Update: BTU
A strong overnight to early morning bounce has the indices staring at a sizable green open, and following a five-session slide, the rebound could have more room higher. BTU is up >4% in the premarket and back above the key 200day sma, changing the near-term bearish setup. Because the Oct21 put spread strategy revolved around a break of that moving average, we are going to hold off initiating the position. The plan will be to watch for a move back to ~20.25 to revisit a new strategy.
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**As of the date and time of publication