By Dan Darrow

August 16, 2022

Intraday Update: M

Retail is having a strong session, and M is working on a nearly 5.5% rally in afternoon action. The move to 21+ is nailing the initial target for the Aug19 strangle, so we are going to scale back on risk. The plan will be to close the current Aug19 $20 - $22 call spread and roll up to a tighter Aug19 $21 - $22 call spread. The next target will be 21.40+, though we will be managing this closely due to the short-term expiration. The bear portion of the strangle will remain open for now too.

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