By Dan Darrow
September 02, 2022
Intraday Update: SNAP
SNAP closed strong yesterday and showed relative outperformance throughout the session, but it is giving back some gains today. We kept the Sep16 strangle open after Wednesday's update to see if the stock could build any momentum, but now that it is beginning to stall around 11.50 and time is running low on the contracts, the smartest thing to do is close out the position. Both the Sep16 $13 - $15 call spread roll up will be closed and the Sep16 $9 put will be closed to wrap up the trade. This will remain on our radar on the bull side now if it can get above and reset the 50day sma (12.06).
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