$CRON move will retrace
As much as I am bullish the sector and the name, this move is just a little too much too fast.
IMO the 129% move in a few sessions will need to be retraced.
The FOMO of the $STZ investment in $CGC is being felt and the "rumor" of $DEO shopping around, be it true or not will get faded eventually. Keep in mind that $TLRY is reporting tomorrow and with a mkt cap of $4.5B or more, the numbers will not substantiate that.
Me thinks that there will be a swift move down to the 10s if not lower. Looking to cover around 200ma on 60min and/or gap closes.
Playing this via puts for Sept21'18
Would also look at buying longer dated calls once there is a retrace. Again, bullish the name and the sector but not oblivious to break neck moves.
IMO the 129% move in a few sessions will need to be retraced.
The FOMO of the $STZ investment in $CGC is being felt and the "rumor" of $DEO shopping around, be it true or not will get faded eventually. Keep in mind that $TLRY is reporting tomorrow and with a mkt cap of $4.5B or more, the numbers will not substantiate that.
Me thinks that there will be a swift move down to the 10s if not lower. Looking to cover around 200ma on 60min and/or gap closes.
Playing this via puts for Sept21'18
Would also look at buying longer dated calls once there is a retrace. Again, bullish the name and the sector but not oblivious to break neck moves.
Trade closed manually:
Closed Sept21 9 puts when $CRON went below $10