August 04, 2022

Intraday Update: META

It's time to close META. We were giving the Aug12 strangle until mid-week to find direction, and while the stock has bounced, it has not moved enough to warrant continuing to hold. We worked quickly to scale back risk on the initial drop, so while frustrating that the strangle did not pay post-earnings, rolling helped prevent a bigger hit on the options. The Aug12 $185 - $190 call spread and the Aug12 $152.50 - $150 put spread roll down will be closed this morning.

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