Pop Drop and Chop In BIDU

[Steven Place]

Looking for continuation and a retest of these earnings highs within the next few weeks.

Here’s the trade I like:

Buy to open BIDU Sep 210/230 bull call spread for 9.60

Stops under 210

I’m choosing this trade over long calls because I want + theta as I head into 230.

[Steven Place]

Going to cut my delta in half as we head into resistance:

Sell to open Sep 230/240 call spread for 3.20 or higher.

[Steven Place]

If you haven’t exited this trade yet, make sure you do so. It’s pretty much all intrinsic so it is behaving like stock.

[Author]

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