DailyPlay – Closing Trades (HSY, XLF, NEM) – September 12, 2022

Closing Trades

• HSY – 55.92% Gain: Buy to Close 2 Contracts October 7, 2022 $230/$240 Call Vertical Spreads @ $1.75 Debit. DailyPlay Portfolio: By Closing 2 of the 3 Contracts, we will be paying $350. 
• XLF – 85.29% Gain: Buy to Close 30 Contracts September 16, 2022 $33/$32 Put Vertical Spreads @ $0.05 Debit. DailyPlay Portfolio: By Closing all 30 Contracts, we will be paying $150. 
• NEM – 86.96% Loss: Sell to Close 6 Contracts Sept 16, 2022 $45/$50 Call Verticals @ $0.21 Credit. DailyPlay Portfolio: By Closing the remaining 6 of the 12 Contracts, we will be receiving $126. We took partial profits for this trade on September 2 at a $0.14 Credit. Therefore, the average loss on this trade is 89.13% and the average cost basis to exit this trade is $0.18 Credit.

Investment Rationale

After a small rally last week, markets will likely continue higher to test the major resistance area of $4106-$4283 with opportunities to seek bearish exposure on any further strength. Gold and Bonds remain just above a major support level and Bitcoin near a major resistance level. Look for breaks of these key levels in the coming weeks for large potential opportunities. We are using this time to reduce long exposure and take profits on short positions that are near take profit levels.

SPX – Daily