This is our 2nd newsletter today. There was an issue and the first one this morning was delayed going out. Hopefully this goes out immediately. It is currently 1:00 pm EST. The CEG bear put spread order has been filled! We are going to make some additional changes to the portfolio as follows:
Took profits on our entire KVUE position. This was a “merger arbitrage” trade and worked out overall.
Sold all 30 shares at 17.94
Buy to close: KVUE March 20th (monthly) 20.00 calls (ratio of 2)
Debit: 0.09
We did NOT close the 23.00 calls as there is no value in them and they can only benefit us in the event that the stock goes crazy.We took profits on 2 of our 4 butterfly spreads in SPY. The main reason is to buy a butterfly spread in QQQ in its place. That may be where the better moves are to be had!
Sell to close: SPY April 17th (monthly) 670.00 strike put (ratio of 1)
Buy to close: SPY April 17th (monthly) 640.00 strike put (ratio of 2)
Sell to close: SPY April 17th (monthly) 610.00 strike put (ratio of 1)
Credit: 2.65Entered into a put butterfly spread in QQQ.
Buy to open: May 15th (monthly) 580.00 strike put (ratio of 1)
Sell to open: May 15th (monthly) 550.00 strike put (ratio of 2)
Buy to open: May 15th (monthly) 520.00 strike put (ratio of 1)
Debit: 2.39
Max risk = 2.39 or $239.00 per spread
Max reward = 27.61 or $2,761.00 per spread