By Dan Darrow
October 26, 2022
Intraday Update: GOOGL, XLRE
- A top and bottom line miss has knocked GOOGL sharply lower this morning, with the stock staring at $7+ down open (the target move for the strangle). GOOGL will be opening near a key area of support, so the plan will be to work quickly to lock in the Nov04 $100 - $96 put spread and wait to see if there is a bounce to recover some premium on the bull portion of the strangle.
- We gave the XLRE Nov18 $35 put slightly extra room yesterday to see if the recent strength in Bonds cooled, but with no quick pullback off the open on either Bonds or XLRE today, the position needs to be closed. XLRE is above the 8day ema and 20day sma, and the trade needs to be closed before a sustained bounce can develop.
Trader Author Portfolio Holdings
**As of the date and time of publication