DailyPlay – Closing Trade (PSX) – December 1, 2023

Closing Trade

• PSX – 165.96% Loss: Buy to Close 6 Contracts (or 100% of your Contracts) Dec 15th $115/$120 Call Vertical Spreads @ $5.00 Debit. DailyPlay Portfolio: By Closing all 6 Contracts, we will be paying $3,000. We initially opened these 6 Contracts on Nov 1 @ $1.88 Credit. Our average loss, therefore, is $312 per contract. 

Investment Rationale

The stock has rallied unexpectedly due to the activist investor acquiring a stake in PSX. With this news, we need to close out this trade as the bearish thesis has changed. We will continue to monitor existing positions for opportunities to exit or adjust trades in our Portfolio.