DailyPlay – Portfolio Review – May 14, 2024

DailyPlay Portfolio Review

Investment Rationale

Despite markets ending flat on the day, our long positions all improved as we head into tomorrow’s all-important CPI print. With 5 long positions and 2 short positions, we do not feel that we need to add further exposure into tomorrow’s CPI print. Please review our Monday Morning Macro Research Webinar if you missed that session as we covered the CPI’s impact on our outlook and a review of our DailyPlay positions. 

Our Trades

ADBE – 38 DTE

Bullish Credit Spread – ADBE is still holding onto support at around $475. A break above $490 would confirm our bullish bias on this trade.

BIDU – 66 DTE

Bullish Debit Spread – Had a strong move higher yesterday and a break above $115 would target $125.

CRM – 38 DTE

Bearish Debit Spread – Resistance at $280 is holding. A break below $270 would target a price of $250 – $260.

GM – 38 DTE

Bullish Calls – GM is currently consolidating but trends remain constructive for a breakout above $46.

NKE – 38 DTE

Bullish Debit Spread – Despite reversing since our entry, it continues to make higher lows and targets a break above $95.

PLTR – 38 DTE

Bearish Debit Spread – Trends remain bearish and we’re looking for a continuation lower toward our $18 target.

PYPL – 38 DTE

Bullish Debit Spread – The trend has deteriorated since our entry, a close below $63 would warrant looking at closing at a loss.