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.

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