July 18, 2022
Intraday Update: TLT
First off, a reminder that our next option session is this afternoon at 4:30 PM est in the Options In Play room. I hope you all can make it!
TLT continues to spin around the 50day sma as it searches for direction, and while the overall make-or-break pattern still stands, the Jul29 strangle is losing premium quickly. Because TLT should still see a sizable move higher or lower when it resolves this pattern, it makes sense to stick with a trade on it, but we need to roll the current contracts out to August to buy more time for the trade to develop:
- Close Jul29 $119 - $123 call spread
- Open Aug19 $120 - $124 call spread
- Close Jul29 $112 - $108 put spread
- Open Aug19 $110 - $106 put spread
Note: the Aug19 options are further out-of-the-money and require extra debit, but this will provide an additional three weeks for the trade to play out.
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
