By Dan Darrow

August 25, 2022

Intraday Update: NEM

NEM was a tight bearish setup that looked set to resolve lower as the stock broke key support at 44 a few days ago, but the stock has seen little follow-through lower, with a recent bounce resetting support. The Sep30 $44 - $39 put spread has a tight technical stop at 45 (a reset above the 8day ema and 20day sma) which is getting hit this morning early, so the trade needs to be closed before the stock can build momentum out of the lower consolidation.

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