Trade Ideas
UOA PRO New Trade Idea RIOT 7-16
10,000 21August 21 calls bought for 1.56 to 1.65 above open interest of 256 contracts; 10,000 18September 26 calls sold for 1.10-1.06 below open interest of 10,708 contracts. Stock 18.96-19.17.
New Trade Idea
Ticker: RIOT
Stock: 19.16
Trigger: 19.70
Targets/Resistance: 20.30, 20.91, 21.91, 22.50, 22.97
Expiration Date: 21AUG
UOA: 10,000 21August 21 calls bought for 1.56 to 1.65 above open interest of 256 contracts; 10,000 18September 26 calls sold for 1.10-1.06 below open interest of 10,708 contracts. Stock 18.96-19.17.
RIOT $18.87 Last.
Large bullish call roll down and in. Can’t rule out that this and the prior positioning weren’t hedges given the stock’s plunge but willing to look at @ face value. EPS looming late month so that could serve as a catalyst but as has been mentioned many times recently, the SMH is weighing down the market with its persistent heaviness. This is a long term bull (@ least to this point) that’s struggling in the ST and IT. The Gang is holding the Qs and SMH slightly above key levels but if they give way, this idea is likely in jeopardy of triggering.
Trigger: $19.70, today’s current high, need to see a full reversal but want to be ready given the recent drop magnitude and the 150/200 SMAs possibly in right place to springboard.
Strategy 1: Consider the RIOT 21Aug. 20.00 calls for $2.30 projected at trigger level today.
Targets: 20.30 (100 SMA currently), 20.91 (10 SMA currently), 21.91, 22.50, 22.97 (15 SMA currently)