By Dan Darrow
August 30, 2022
Intraday Update: SWN, QQQ
- Natural Gas is opening weak and SWN is down along with it. The early drop has hit the stop loss level for the SWN Oct21 $8 call, so the position needs to be closed this morning. A reset above 8 may be a revisit level for a bullish strategy on this one.
- The sharp drop on Friday and continued weakness on QQQ this week has put the ETF below the bottom of the Oct21 $315 - $305 put spread. With the spread capped, we will roll down the hedge this morning. The current position will be closed and an Oct21 $300 - $290 put spread will be opened. The SPY hedge will be managed on a drop below ~399.
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**As of the date and time of publication