By Dan Darrow

October 11, 2022

Intraday Update: MRNA, BIIB

It's been a choppy session of action as indices look to find footing after a few-day slide, but many stocks act worse than QQQ/SPY. There are a couple of late updates on two Biotech names:

  • We are going to revisit the MRNA Nov18 $115 - $105 put spread. We held off initiating the trade yesterday when the stock rallied quickly off the open, but it is back below 120 now and the setup is back in play.
  • BIIB has lost the recent 260 support range, and it does not look ready to turn the corner higher yet. We will not open a new position on the stock at this time, but the remainder of the Oct21 strangle ($170 - $160 put spread) will be closed before the rest of the premium evaporates. We will continue to watch the stock for a potential near-term bullish setup.

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