DailyPlay Taking Profits (XPEV) – December 2nd, 2021

Closing Trade

XPEV – 30% Gain: Long Jan 21, 2022 $45/$60 Call Verticals @ $6.05 Credit

DailyPlay Positions Outlook:

As Omicron concerns continue to mount, equities remain on the backfoot this week and continue to decline with the SPY and QQQ declining 1.11% and 1.7% respectively yesterday. While the key $382 level remains intact for QQQ, SPY broke below the $453 support level yesterday which provides evidence of a further move lower this week. We take this opportunity to close out the XPEV trade for a limited profit despite a significant pullback yesterday. 

Prakash Vijayanath
Analyst at OptionsPlay