By Dan Darrow
September 12, 2022
Intraday Update: GE, DKNG
Two more updates after an already busy first hour of trading:
- GE is up >2% and above the 75.50 initial target range, so it is time to lock in some money on the Oct21 $75 - $80 call spread. The current position will be closed and an Oct14 $77 - $81 call spread will be opened. The next target will be 77.50+.
- Let's adjust DKNG. The stock is acting well following its backtest of the key 15 level last week, so it is worth sticking with a bullish position. The Nov18 $20 - $22.50 call spread is the last of several roll ups, and the plan here will be to close the position and open a new Nov18 $17.50 -$ 22.50 call spread that is closer to the money. This requires extra debit, so we will approach it as a new trade with a technical stop at 14.75 or a 40-50% net debit loss. The first target is 19.50+.
Trader Author Portfolio Holdings
**As of the date and time of publication