By Dan Darrow

September 15, 2022

Intraday Update: WDAY, CHPT

A large gap lower on top Software name ADBE this morning (released earnings, announced a deal) is weighing on the sector broadly, and WDAY is opening below the 50day sma to trigger the stop for the Oct21 $175 - $185 call spread. The position needs to be closed early before a major breakdown can develop.

Take the money and run on CHPT. Another strong morning has CHPT through the August high, and the Sep30 $19 - $21 call spread roll up is now into the money. Both the bull and bear portions of the strangle (Sep30 $14 - $11.50 put spread) will be closed this morning and we will wait for a new setup.

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