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.
Trader Author Portfolio Holdings
**As of the date and time of publication