By Dan Darrow

August 30, 2022

Intraday Update: SPY, BITO

A couple of more early updates:

  • Well, that didn't take long. Following QQQ lower, SPY has now broken below 399 and the Oct21 $410 - $400 put spread hedge is capped. The plan will be to close the current spread and roll down to an Oct21 $395 - $385 put spread.
  • BITO is into another roll range. The weak start Monday and continued slide today is sending the Sep16 $13 - $11 put spread roll down well into the money, so the plan will be to close the current spread and roll down to a low debit Sep16 $12 - $10 put spread. The next target is <11.50, though we will need to manage these options more closely now that there is only a few weeks until expiration. The bull portion of the strangle will remain open.

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