By Dan Darrow

December 28, 2022

Intraday Update: PYPL, MNDY, TGT

After a couple of days out of the office for the holidays, I am back and looking forward to (hopefully) some action over the next few sessions to wrap up 2022. While this week is historically strong (the Santa Claus rally window) and historically sees lighter volume, that isn't always the case as seen with yesterday's weak action. Our rule of thumb has been to place greater importance on the 8day ema and 20day sma on QQQ and SPY as indicators of momentum, so since both have been solidly below both of those moving averages for a couple of weeks, the mix of our positions has continued to skew more bearish. There are a handful of positions that need to be managed this morning if they haven't already been rolled/closed:

  • PYPL hit the next target for the Jan20 $67.50-$62.50 put spread when it traded under 67
  • MNDY hit the debit stop loss for the Jan20 $125-$135 call spread
  • TGT hit the initial target for the Jan20 $142-$136 put spread when it traded under 141

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