DailyPlay – Portfolio Review – June 28, 2024

DailyPlay Portfolio Review

Investment Rationale

As all eyes are on the Fed’s preferred inflation gauge, the PCE index this morning, expectations are for further improvement on the data for inflation towards the 2% target. Given the market moving event, we will simply monitor existing positions today and not enter any new positions.

Our Trades

AXP – 49 DTE

Bullish Debit Spread – AXP has been trading between $228 and $231 over the last week. A break above $231 would indicate that further upside is on the table.

DHI – 49 DTE

Bearish Debit Spread – Continues to trade just above the $140 support level and we’re looking for a break lower as performance relative to the market remains poor. 

LIN – 21 DTE

Bearish Credit Spread – After filling the gap at $441, LIN has failed to break higher and now at risk of pulling back to its $425 support level. 

MS – 35 DTE

Bullish Credit Spread – MS remains bullish and support at $95 is confirming our bullish thesis on this trade.

PYPL – 35 DTE

Bullish Credit Spread – Yesterday’s price action suggests $58 support remains strong, we’re looking for a bounce higher above $60. 

RACE – 21 DTE

Bearish Debit Spread – Relative performance remains poor and at risk of pulling back to its $400 support and potentially lower.