By Dan Darrow
December 06, 2022
Intraday Update: CVNA, ABT
A couple of afternoon updates:
- CVNA has held 6.50 again. The stock has repeatedly dropped under 7 and found buyers, including another test of the level this morning. With the prospect of another rebound if this level holds, it makes sense to scale back risk on the now-in-the-money Dec30 $7.50 - $3.50 ut spread. The plan will be to close the current spread and roll down to a tighter Dec30 $6 - $3.50 put spread. The next target is <5.25.
- ABT is hitting the stop. A few-day reversal lower has knocked the stock back into the recent chop zone and it is weighing on the price of the Dec30 $108 call. The trade will be closed for now, and we can watch to see if it gets any momentum going over the next few weeks to revisit a new strategy.
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**As of the date and time of publication