By Dan Darrow
November 9th, 2022
Intraday Update: DKNG
The bull portion of the DKNG Nov11 strangle was closed into strength yesterday, leaving the Nov11 $10.50 put open in the event the stock dropped on a failure of Prop 27. It does not look like Prop 27 will pass, but DKNG's stock is only retracing back to ~12, so the put is not close enough to the money to be in play. The plan will be to close out the remainder of the short-term trade before premium evaporates on the out-of-the-money puts.
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