DailyPlay – Closing Trade (CRM) – May 17, 2024

Investment Rationale

Markets have continued to provide a risk-on signal after this week’s CPI print and our CRM position has now rallied above the $280 major resistance level that we wanted to see hold. Despite not yet triggering our stop loss levels we believe it is best to cut this position at the moment and not hold onto a bearish position in this market where time decay is working against us. 

Closing Trade

• CRM – 30.81% loss: Sell to Close 4 Contracts (or 100% of your Contracts) June 21st $270/$250 Put Vertical Spreads @ $4.02 Credit. DailyPlay Portfolio: By Closing all 4 Contracts, we will receive $1,608. We opened these 4 Contracts on May 13 @ $5.81 Debit. The average loss, therefore, is $179.