By Dan Darrow
December 07, 2022
Intraday Update: MMM, ZM
Indices are mixed after a choppy morning, with some stocks recovering after a sharp few-day slide. There are a couple of more positions that need to be managed:
- We tightened the stop on the MMM Dec30 $120 - $117 put spread roll down to 127 yesterday, and this morning the stock is hitting that level. The remainder of the trade will be closed.
- The bear portion of the ZM Dec16 strangle will be closed this morning as the stock is trading into the 70-71 support level. This trade has been on watch for a chance to recover premium, and the slide into the low-70s may be the best shot to close the Dec16 $60 - $55 put spread before premium evaporates. The Dec16 $95 - $100 call spread will remain open as it is trading for only ~$.01-$.02 right now.
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**As of the date and time of publication