Trade Alert 7/26/2023

 

We took profits on our QQQ short stock position this morning. This has worked out, we would love to re-initiate at higher prices. Buy to cover: QQQ all 35 shares at 377.22 The result is a profit of +$276.85We are also closing our SPY July 28th (weekly) put butterfly early. When the FOMC meeting comes out, barring a really big drop in the market, we lose in multiple ways. The volatility will collapse and the price of our butterfly right along with it. So, there are too many factors stacked against us. Sell to close:  SPY July 28th (weekly) 453.00 strike put (ratio of 1) Buy to close: SPY July 28th (weekly) 445.00 strike put (ratio of 2) Sell to close:  SPY July 28th (weekly) 4437.00 strike put (ratio of 1) Credit:  1.02 The result is a loss of -$32.00