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.

Open Positions

* 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