Sports are cancelled. Short-term downside potential is HIGH

Draft Kings mightbe a good growth stock down the road, but for the short term this stock will likely tank as the overall market declines.

This stock is trading higher during this bear-market-rally than it did at the market peak.
The market peak was before all professional sports were cancelled.

Buying puts offers high reward:risk

Commento:

Here's an article going into how DraftKings is overvalued relative to their competition. www.legalsportsrepor...th-6-billion-nasdaq/

Trade attivo:

Well this thing just keeps going up for no good reason. I opened up a straddle to hedge against continued irrational exuberance. Maybe I'll get really lucky and make money in both directions.

Trade chiuso manualmente:

My Straddle to hedge upside movement hit my upside limit order earlier today.
Puts are likely to expire worthless, so this trade was a wash.
I'll look to open a new position soon.