August 10, 2022
Intraday Update: MSFT, XLF
A slightly lower-than-expected CPI reading (8.5 vs 8.7 expected) has given a big boost to stocks and indices this morning, and it is leading to large gaps across many different names. It will likely be a busy day of managing positions, but there are a couple of trades that need to be adjusted early:
- MSFT is popping to 289+ to hit the initial target, so we will work quickly to lock in some money on the Sep16 $290 - $300 call spread. The current spread will be closed and a tighter Sep16 $295 -$300 call spread will be opened.
- After a long, steady run, XLF will be opening up 1%+ and near the key 100day sma this morning, and it is a nice opportunity to lock in the remainder of the trade. The Sep16 $35 call roll up will be closed into early strength and we will wait for a new setup.
* 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