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.
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**As of the date and time of publication