Meta Platforms Inc. (META) and Airbnb Inc. (ABNB) both stabilized this week, and ABNB is up nicely on a new analyst upgrade. In both cases, we recommend closing the positions to take some profits off the table.
Meta Platforms releases earnings this afternoon, which could result in a big move in either direction. However, because market volatility has been so uncertain lately, we don't think it's worth the risk to let the trade go through earnings and we recommend closing the trade.
We recommend you...
Buy to close the META Apr. 26, 2024 $510 Puts (META240426P00510000) with a limit order at the current price.
At the time this alert was written, the META puts were trading for $29.10.
For traders who entered a short vertical put spread, we recommend the following...
1. Buy to close the META Apr. 26, 2024 $510 Puts (META240426P00510000) with a limit order at the current price.
2. Sell to close the META Apr. 26, 2024 $485 Puts (META240426P00485000) for the highest price available.
We also recommend you...
Buy to close the ABNB May 3, 2024 $150 Puts (ABNB240503P00150000) with a limit order at the current price.
At the time this alert was written, the ABNB puts were trading for $0.55.
For traders who entered a short vertical put spread, we recommend the following...
3. Buy to close the ABNB May 3, 2024 $150 Puts (ABNB240503P00150000) with a limit order at the current price.
4. Sell to close the ABNB May 3, 2024 $145 Puts (ABNB240503P00145000) for the highest price available.
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Sincerely,
John Jagerson & Wade Hansen Analysts, Predictive Alpha Options
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