DailyPlay – Portfolio Review – April 29, 2024

DailyPlay Portfolio Review

Investment Rationale

As equity markets stabilize last week after a couple of weeks of pulling back, we find ourselves at a major intersection of buyers and sellers. As we retest the 50D SMA as resistance going into this week, we are closely watching Fed speak and earnings to set the tone for equities. Can markets push back above these levels and continue its rise, or do sellers step back in this week with even heavier volume? We will hold off on adding new positions today to see how the market responds to these levels.

Our Trades

ADBE – 32 DTE

Bullish Credit Spread – ADBE held onto support and started to bounce higher, as expected.  

DELL – 53 DTE

Bearish Debit Spread – Resistance at $130 is still holding and we will therefore keep an eye on this trade over the next few days.

GM 53 DTE

Bullish Calls – GM is aiming higher and a break above $46 resistance will confirm our bullish thesis on this trade.

NKE 53 DTE

Bullish Debit Spread – Support at $90 held up, from where NKE bounced higher, with the target at $100.

PDD 53 DTE

Bullish Debit Spread – The last two trading sessions have seen some strong moves higher and its next target is at around $140.

PYPL 53 DTE

Bullish Debit Spread – A break above $67 resistance would likely close the gap towards $77, with further upside potential.