By Dan Darrow
October 04, 2022
Intraday Update: SMH, CYBR
Bulls came in October in a buying mood, and after a sizable rally on Monday, the indices are up sharply again this morning. With QQQ and SPY breaking the key 8day ema, many stocks are lifting off their recent lows and/or breaking their recent downtrends. It will likely be a busy session of updates, but the first order of business is managing SMH. The SMH bear flag and breakdown last week looked ready to start a sustained drop on the ETF into the low-180s/170s, but a big two-day reversal has it above the 8day ema and above the tight 195.50 stop level. The Nov18 $184 - $177 put spread needs to be closed before a bigger rebound can develop.
CYBR acted weaker yesterday but is making up for that with a 6%+ rally early this morning. The move to 158 is nailing the initial target for the Nov18 $160 - $170 call spread, so the plan will be to lock in some money and roll up to a tighter Nov18 $165 - $170 call spread. The next target is 165+.
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**As of the date and time of publication