Degenerate Gambling Play

The vast majority of these plays are taken with 0.1% of the portfolio. Remember to risk only what you can afford to lose.

META Dog wags SNAP’s tail

Play:

SNAP 04/28 9.5/10 Strangle for $1.55 or less

Thesis

This is one of the few times that SNAP announces after META. This is important as if META has a poor earnings report, SNAP will likely gap hard before going into their own earnings report, without a material change in IV. Conversely, if META has a good earnings report, SNAP can potentially gap up before going into their own earnings.

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