August 12, 2022
Intraday Update: STX, GM
Indices are modestly green this morning after a slightly weaker finish yesterday, and there are a couple of positions that need managing early:
- With STX's close above the 100day sma, we needed to see a quick reversal lower this morning for the bear pattern to hold, but the stock is holding onto gains early. The stock may begin to build momentum out of its recent lower range now, so the Sep16 $75 - $70 put spread needs to be closed.
- GM is nailing the second target zone at 39, so it is time to lock in more money on the Sep16 $38 - $42 call spread roll up. The plan will be to close the current spread and roll up to a Sep16 $41 -$45 call spread. The next target is 41.50+.
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
