By Dan Darrow

December 14th, 2022

Intraday Update: DIA

Action has slowed down ahead of this afternoon's FOMC rate decision (and press conference from Powell), but DIA is hanging onto a small intraday gain. While it hasn't hit the initial target yet, the smart thing to do is scale back risk a bit on the Dec30 strangle ahead of 2:00 pm ET. The Dec30 $347 - $353 call spread will be closed and a tighter Dec30 $349 - $353 call spread will be opened. The upside target will now be 350+. The bear portion of the strangle will remain open.

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