August 11, 2022

Intraday Update: RIVN, XME, EXPE

A couple of more early updates after an already-busy morning:

  • We are going to lock in RIVN ahead of results this afternoon. The stock is nearing 40 and the Sep09 $40 - $42 call spread roll up is up sharply, so this is a great opportunity to close out the remainder of the trade and not take the earnings risk.
  • XME Is at the initial target range for the Dec16 $50 - $57 call spread, so it is time to lock in some money. The plan will be to close the current spread and roll up to a tighter Dec16 $53 - $57 call spread. The next target is 55+.
  • EXPE has gapped sharply higher, and the Sep16 $115 - $120 call spread idea from yesterday's letter has been above the action area all morning. It doesn't make sense to chase patterns in this market, so we will hold off initiating the trade for now. I will continue to keep an eye on it for another setup.

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