By Dan Darrow
October 04, 2022
Intraday Update: SHOP, MA
Two more early updates:
- We recently tightened the stop on the SHOP Oct21 $26 - $23.50 put spread to 30.50, and with the stronger open this morning, the stock is hitting that level. The last of the swing trade needs to be closed, and we can wait for a new setup now.
- MA is having a big two-day rebound, and now it is smack in the middle of the strangle. We rolled down the bear portion of the trade already, and while we were initially planning on placing a stop a little above 300 on the position, I think it makes sense to give the trade some room. If MA can continue to recover, it may give a double-dip for the strangle, so we will give the stock a few more sessions to see how the bounce plays out.
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**As of the date and time of publication