By Dan Darrow
December 15th, 2022
Intraday Update: CIEN, ANF
A couple of more updates as the selling continues across the market:
- The CIEN Jan20 $50 call was initiated into a gap down this morning and well under the proposed action area, but the continued weakness on the stock has sent it below the 200day sma and the tight technical stop now. Things are developing fast this morning, so it makes sense to stick with the original stop on the position and close the trade here.
- ANF is at the stop for the Jan20 $24 call as well. While the stock held in great above the 200day sma for the last several weeks, it is losing that key moving average this morning, so the bull thesis is no longer valid. The trade will be closed before a bigger breakdown can develop.
* 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