By Dan Darrow
December 07, 2022
Intraday Update: CVNA
CVNA didn't want to crack the key 6.50-6.75 support level yesterday, but it is flushing sharply through it this morning. A downgrade and a negative article have combined to knock CVNA lower by ~30% in the premarket, and the Dec30 $6 - $3.50 put spread roll down is well into the money. The plan will be to book the put spread to lock in the gain and close the Dec30 $11 - $15 call spread at the same time, as the likelihood of a large bounce from here is low.
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