By Dan Darrow
October 20, 2022
Intraday Update: SNAP
There is nothing better than starting the session with a trade that has gapped materially in your favor. SNAP has delivered (for the options...the numbers were not good) and the ~30% gap lower is sending the Oct28 $10 - $8 put spread deep into the money to cap the bear portion of the strangle. The plan will be to work quickly off the open to lock in the put spread, and we can sit tight on the Oct28 $12 - $14 call spread to see if the stock recovers at all (which is unlikely, though) over the next few sessions.
Trader Author Portfolio Holdings
**As of the date and time of publication