By Dan Darrow
October 31st, 2022
Intraday Update: FDX
FDX has repeatedly attempted to break the 160 level since the Nov18 $160 - $170 call spread (and the recent Nov04 put hedge) was first initiated, but sellers are not giving in easily. The stock is hanging slightly above that level again this morning, and the smart thing to do is scale back risk on the trade in this area. The plan will be to close the Nov18 $160 -$ 170 call spread and roll up to a tighter Nov18 $165 - $170 call spread, and the Nov04 $148 - $144 put spread hedge will also be closed this morning as well. The roll up will use a 30-40% net debit loss as a stop moving forward, and will be targeting a move to 164.50+ to manage the position.
* 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