By Dan Darrow
August 23, 2022
Intraday Update: XLE, XLV
- A strong open on Oil and Energy has lifted the XLE to the initial target range (81+), so it is time to lock in some money on the Oct21 $80 - $88 call spread. The plan will be to close the current spread and roll up to a tighter Oct21 $83 -$88 call spread. The next target is 83.50+.
- XLV has continued to slide after a weak session Monday, and the drop off the open this morning is forcing an exit of the Sep16 $135 - $140 call spread roll up. The ETF is losing key support levels and deteriorating quickly, so the trade needs to be closed before a major breakdown can take shape.
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**As of the date and time of publication