DailyPlay Closing Trade (LUV) – October 28th, 2021

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Closing Trades

• LUV – 80% Loss: Long Dec 17, 2021 52.5/60 Call Vertical @ $0.40 Credit

DailyPlay Positions Outlook:

The major indices suffered losses during the last hour of trading yesterday which saw SPY declining towards the $450 support and QQQ once again rejecting all-time highs at $382 to end the day at $380. Big Tech earnings is set to continue this week and will provide direction in the short term for equities as we have Apple and Amazon both reporting at the end of the day. 

We take this opportunity to close out LUV for an 80% loss. LUV invalidated our bullish thesis yesterday after breaking below the $47 support level.

Prakash Vijayanath
Analyst at OptionsPlay