By Dan Darrow

December 08, 2022

Intraday Update: GME

It's taken all day but GME is finally nearing 25 and the bottom of the Dec16 $25 - $29 call spread. The stock has been grinding higher all session, though never extending quickly to the upside. While we were targeting a $3.50 - $4.00 move for the strangle, the slower action (and large upcoming market-wide catalysts) makes it more important to scale back risk earlier. The plan will be to close the current call spread and roll up to a lower debit Dec16 $26.50 - $29 call spread. The bear portion of the strangle will remain open for now.

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