Hello Investors,
We have had a change of heart on markets. We entered into a protective position in SPY last week. We have a very small profit (roughly breakeven) and we will take it off today. We realize this is a quick exit but think there will be better prices/opportunities to hedge in other ways.
Sell to close: SPY June 19th (monthly) 260 strike puts (ratio of 1)
Buy to close: SPY June 19th (monthly) 230 strike puts (ratio of 2)
Sell to close: SPY June 19th (monthly) 200 strike puts (ratio of 1)
Limit credit: 3.18
The result is a small profit of +0.08 but we certainly aren’t taking it off for the profit. We think this market might shock and surprise for a while.
Reminder we will have our usual meeting at 10:00 a.m. ET tomorrow (Tuesday).
See you then!
Trading Mentors
investingmentorships@gmail.com