DD: Alaska Airlines ($ALK) – Long dated puts on undisclosed loyalty thefts, and a $180M accounting anomaly

Original Reddit comment

The author supports a bearish ALK trade, citing a technical downtrend below moving averages and weak airline fundamentals with earnings as a catalyst.

ALK — SHORT The author argues ALK is bearish because the stock remains in an established downtrend below the 200-day moving average and has recovered only into resistance at the 200-day and 100-day moving averages. The upcoming earnings on 1/22/26 serves as a concrete catalyst. Airline fundamentals provide no support because airlines have high capital expenditures, operate as a commodity, and have essentially no growth.

Established downtrend and below 200MA, stock recovering back up but hitting strong resistance at 200MA and 100MA, earnings is 1/22/26 as catalyst.