With that I opened a long straddle on LYFT AT 49 with 8.31.19 x date. I believe much of of the selling was due to the following:
1. Locked in owners selling Friday after the anticipated after lock down bounce was so short lived. Especially when one looks at UBER trading about 10% below their previous “holding low” while Lyft just broke their previous low Friday. If downward trend continues you could very easily see Lyft @ $40 within 2 weeks.
On the flip side, if Lyft stabaluzes for the short term one could see a rise to above Friday open by mid week. Either way the Straddle, while not killing it should return a handsome ROI by Thursday
Will most likely close CALL EOD today or first thing TUES as believe LYFT & UBER way over valued and with LYFT getting bounce from Upgrade. That will wear off by tomorrow