DailyPlay – Portfolio Review – August 14, 2024

DailyPlay Portfolio Review

Investment Rationale

With investors awaiting the CPI print this morning, we are going to hold off on adding any additional positions to the DailyPlay portfolio until we have more clarity as to the full picture of inflation and digest how the Fed will likely approach the September meeting. 

Our Trades

AAPL – 37 DTE

Bearish Credit Spread – AAPL is currently trading above a level of resistance and a break below $220 is needed to warrant keeping this trade. We will therefore keep a close eye on this trade over the next few days.

ETN – 37 DTE

Bearish Credit Spread – ETN is trading at an area of resistance between $297 and $300 and a pullback to lower levels is therefore likely.

LULU – 37 DTE

Bullish Credit Spread – Bounced off support at $230 and further upside is likely if price breaks above the $250 level.

MSFT – 23 DTE

Bullish Credit Spread – Bounced higher off support at $400 with the next upside target at $430.

NVDA – 37 DTE

Bullish Credit Spread –  NVDA had a strong bounce off support at $100 and further upside seems likely, targeting $130 and then $140.