August 11, 2022
Intraday Update: MPC, TLT
There are a few more positions that need to be managed early following the open:
- We are going to scale back some risk on MPC. We had to pay up for the Sep16 $97.50 - $105 call spread because the stock had a large move pre-initiation, so now that it has started to build some momentum higher and the premium has recovered, it makes sense to take off some money. The plan will be to close the current spread and roll up to a lower debit Sep16 $100 - $105 call spread. The next target is 100+.
- The TLT Aug19 strangle needs to be closed. Yesterday was an important session to determine the direction of TLT, and a mixed day of action means the recent consolidation is still intact. With no clear direction and time running low on the options, the Aug19 $121.50 - $124 call spread and Aug19 $110 - $106 put spread need to be closed before premium erodes further.
* 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