By Dan Darrow

December 15th, 2022

Intraday Update: PYPL, DIA, T

A few more updates as indices and stocks continue to head lower:

  • PYPL is into the roll range, so the plan will be to close the current Jan20 $72.50 - $62.50 put spread and roll down to a tighter Jan20 67.50 - $62.50 put spread. The next target is <67.
  • Reducing risk on the bull portion of the DIA strangle yesterday was smart. Now as it breaks lower, we will reduce risk on the bear portion of the strangle. The Dec30 $330 - $324 put spread will be closed and a tighter Dec30 $327. - $324 put spread will be opened. This will be a low debit strategy now, and it will be targeting a move under 327 over the next few sessions.
  • T has gapped lower this morning and the proposed Jan20 $20 put has been above the action area since the open. We will need to step up the action area to $1.55 - $1.70 to get involved.

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