By Dan Darrow
August 24, 2022
Intraday Update: CRM
CRM is one of the marquee names scheduled to report after the close today, and the stock is up >2% in afternoon action. The initial Sep16 call spread was opened as a breakout play when the stock held 180 and began to move through the 100day sma. Since trading to ~190, buying interest dried up, and CRM has given back the breakout gains over the past week. The Sep16 $195 - $200 call spread roll up is further out-of-the-money ahead of earnings and more of a high-risk play for the print. With little feel for the current setup, I think the smartest thing to do is close out the position ahead of the report. If you'd like to take the options into earnings, be sure to plan your size accordingly.
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**As of the date and time of publication