Intraday Update: W

By Dan Darrow

November 04, 2022

Intraday Update: W

W is beginning to break down sharply today, sending the stock below 34 and under the 20day sma (33.56). We were looking for the stock to find direction following its smaller-than-expected move on earnings yesterday, and the 11%+ drop is good to see. The plan will be to close the Nov11 $34 - $30 put spread and roll down to a tighter Nov11 $32 - $30 put spread, which will have a short leash next week. The Nov11 $42 - $46 call spread portion of the strangle will be closed today as well.

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

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