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.

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

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.

EUR/USD flirts with weekly lows near 1.1770

EUR/USD now comes under further selling pressure, breaking below the 1.1800 support to challenge the area of weekly throughs near 1.1770 on Thursday. The pair’s decline comes in response to marked gains in the US Dollar amid steady geopolitical tensions. Ealier in the day, the ECB’s Lagarde delivered cautious remarks, although the currency remained apathetic.

GBP/USD threatens the 200-day SMA near 1.3440

GBP/USD rapidly leaves behind Wednesday’s strong advance, coming under heavy pressure and retesting the 1.3440 zone, where the critical 200-day SMA is located. Cable’s deep pullback follows the strong gains in the Greenback, while investors continue to pencil in a potential BoE rate cut in March.

Gold trims gains, slips back to around $5,170

Gold is now facing some downside pressure, hovering around the $5,170 region on Thursday. The yellow metal surrenders part of its earlier gains on the back of the resurgence of the buying interest in the Greenback. In the meantime, geopolitical tensions in the Middle East continue to limit the downside potential for now.