SNAP pullback from gigantic 1 day gain, possible 1.618 Fibonacci

I won't be surprised if SNAP has a pullback the next 2 days after it's gigantic $8.05 (28.3%) 1 day gain on massive volume 254M shares vs average 44M shares or 500% volume pop. A reasonable scenario would be for SNAP to get to the 1.618 Fibonacci retracement on the monthly chart. Also, because tomorrow is weekly options expiry, I suspect peeps taking huge profit gains today to lock it in before tomorrow's uncertain price action.

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Got a 10/30 $38 straddle @ 9:51am with so much movement, you can't lose. I was wrong about today's pullback so far. Oops

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So far this has been a losing thesis to say the least. Haha. Thank goodness I picked up some calls yesterday when signals just kept pointing up. lol

Trade closed manually

Calls won enough to profit. Whew. Close one. Modest total gain. Option strategy liquidated. 🖖

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SNAP now has a P/E of 4,375. lol

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SNAP is finally going down today. lol. Pullback to -$38???

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3:59pm executed 10/30 $40.5-44 bearish strangle for $126 each. Leaning 2x capital on put end $85, and 1x capital on call side $41.

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SNAP closed today at a P/E = 4,128

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SNAP trading interest lags this week with the BIG 4, MSFT, AAPL, GOOG & AMZN sucking all the air out the room...

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Checkout my price and volume indicators:

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Options360

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