Intraday Update: LCID - T3 Live

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August 09, 2022

Intraday Update: LCID

We went ahead with the LCID Sep16 $18 - $13 put spread initiation yesterday even as the stock rose sharply because the bearish pattern remained intact. The stock rolled over into the afternoon yesterday and it has dropped sharply this morning, triggering a breakdown through key support at 17.75. The put spread is up significantly since the initiation, so this is a nice opportunity to lock in some fast gains ahead of the potential volatile session tomorrow. The plan will be to close the current Sep16 $18 - $13 put spread and roll down to a tighter Sep16 $16 - $13 put spread. The next target is <16.

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.".

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Trader Author Portfolio Holdings

**As of the date and time of publication

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Scott Redler, Derrick Oldensmith, and Patrick Hawe are associated members of T3 Trading Group, LLC (“T3TG”), a SEC registered Broker-Dealer & Member of FINRA SIPC. All trades made by Scott, Daniel, Derrick, and Patrick are placed through T3TG.

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