By Dan Darrow
October 13, 2022
Intraday Update: TWLO, MA, HYG, NFLX, XHB
The closely-watched CPI came in slightly hotter than expected this morning (8.2% vs 8.1% expectation) and indices are continuing their slide. QQQ and SPY are indicating a ~2% red open, which will mark the seventh consecutive session of selling. It will be a busy morning of updates, but we are going to start with the names that are opening at targets/stops:
- TWLO is opening at the technical stop, so the Nov18 $80 - $85 put spread roll up will be closed early.
- MA will be opening in the 270s, and after six red sessions in a row, this is a fantastic opportunity to lock in the bear portion of the strangle (Oct21 $275 - $270 put spread roll down). The bull portion of the trade will remain open to see if the stock recovers this week or next.
- HYG is into the next roll range, so the plan will be to close the current Nov18 $72 - $68 put spread and roll down to a tighter Nov18 $70 - $68 put spread. The next target is <69.50.
- As a reminder, we will give NFLX and XHB 30-45 minutes off the open to see if the setups are still valid before initiating.
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
