DailyPlay – Closing Trades (ADBE, NKE) – June 17, 2024

Closing Trades

• ADBE – 94.09% gain: Buy to Close 1 Contract (or 100% of your Contracts) July 19th $455/$425 Put Vertical Spread @ $0.67 Debit. DailyPlay Portfolio: By Closing this Contract, we will pay $67. We opened this Contract on June 6 @ $11.33 Credit. The gain, therefore, is $1,066. 
• NKE – 51.50% loss: Sell to Close 14 Contracts (or 100% of your Contracts) June 21st $92.50/$100 Call Vertical Spreads @ $1.52 Credit. DailyPlay Portfolio: By Closing all 14 Contracts, we will receive $2,128. We opened 7 Contracts on April 17 @ $2.98 Debit. On May 5 we opened another 7 Contracts @ $3.29 Debit. The average loss, therefore, is $161. 

Investment Rationale

As we head into a shortened week of trading and triple witching on Friday, we have two positions that require managing today. ADBE last week reported stronger than expected earnings and rallied significantly. We need to close out of Put Vertical at a profit, while NKE failed to sustain it’s breakout above $95 and we are approaching expiration.