August 02, 2022

Intraday Update: SNAP

We need to adjust the strikes of the SNAP strangle after a strong open on the stock. SNAP is catching a bid this morning following PINS's results, and the rally on the stock has skewed the Sep16 strangle much more in favor of the bull side. The new trade will be:

  • Long Sep16 $11 call
  • Long Sep16 $9 put
  • We are targeting a move of $1.25+ in either direction now and will use a stop of 40-50% net debit loss to begin with.

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