By Dan Darrow
September 12, 2022
Intraday Update: FL, COF
A couple of more early updates as the strength continues across the market:
- FL is above the initial 39 target, so it is time to reduce risk on the Oct21 $37.50 call. The plan will be to sell an Oct21 $42.50 call against the current position to turn the strategy into a call spread. This will reduce the net debit of the trade by ~40%, but still provide a large window to capitalize on a move higher. The next target is 40.50+.
- COF is at the debit stop loss for the Oct21 $100 - $95 put spread. The stock has rebounded along with the Financials and the overall market, and today's early rally is triggering the stop for the trade.
Trader Author Portfolio Holdings
**As of the date and time of publication