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July 22, 2022

Intraday Update: NIO, CHPT

The market is pausing after a strong week-long run, and after a mixed morning, some names are starting to roll over:

  • Chinese names are weak this morning, and after holding 20 well for a few weeks, NIO is beginning to break lower. The stock is hitting the 19.50 stop range for the Aug19 $25 - $30 call spread roll up, so the position needs to be closed.
  • CHPT is also weaker, and the proposed Sep16 strangle is getting more skewed to the bear side. We need to adjust the contracts of this trade to get the risk more balanced between the bull and bear side. The new trade will be:
    • Long Sep16 $17 call
    • Long Sep16 $12 - $9 put spread

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

DISCLOSURES