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.
Trader Author Portfolio Holdings
**As of the date and time of publication