By Dan Darrow
October 18, 2022
Intraday Update: LCID
LCID popped off the open yesterday and the Nov18 $12 put was opened well below the proposed action area, but that also meant the stock was closer to the 13.15 technical stop. LCID is into that stop level this afternoon, but instead of closing the position, we are going to sell a Nov18 $10 put to turn the trade into a low debit put spread. As a lagging stock, LCID should turn lower quickly if the indices roll over, so it makes sense to stick with a trade for now. If it resets above 13.90 (the 20day sma), then we will exit the position.
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**As of the date and time of publication