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DailyPlay – Closing Trade (UNG) – June 2, 2023

Closing Trade

  • UNG – 73.81% Loss: Sell to Close 23 Contracts (or 100% of your remaining Contracts) June 30th $7/$8.50 Call Vertical Spreads @ $0.11 Credit. DailyPlay Portfolio: By Closing the final 23 Contracts, we will receive $253. We partially closed this trade on May 31 @ $0.20 Credit. Our average cost basis to exit this trade is therefore @ $0.15 and our average loss on this trade is 63.33%.

Investment Rationale

We are at a pivotal moment in equities. With the broader market severely lagging behind big tech and the S&P 500 flirting about its key $4200 resistance level, we are positioned for 2 possible outcomes. Either this AI lead tech rally fails to extend further and starts to retrace, we will likely see the S&P 500 back towards the $3800 level. However, if the broader market can rally from here, that will provide the support needed to begin a fresh bullish trend after more than a year of choppy sideways action. Currently, we have positions that would profit from either outcome and will take this opportunity to see where the market closes tomorrow afternoon. At this time, our UNG position has triggered our stop loss level of 50% loss on a debit spread so we are going to close out that position. 

S&P 500 – Daily

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Tony Zhang