Options Trade Of The Day: UPST $345 Put for October 29

UPST stock continues to surge as retail loves it.
Play a pre-results pullback with a put option.
Two-week put option just ahead of November 9 results.

Ivan Brian FXStreet

This advice is going against the crazy strong trend here, but we feel at some stage this thing has got to slow down even though we like it long term. Thursday saw another 10% spike, and the seemingly endless run continues. At some stage, a pullback will ensue. To take advantage of this, we look at the $345 put expiring in two weeks on October 29. Results are out the week after for UPST in November 9, so we are banking on some profit-taking ahead of the results.

$345 puts for October 29 closed at $8.80 on Thursday.

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Author

Ivan Brian

FXStreet

Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.

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