Trade Alert 4/19/2024

We have exited 3 of the 4 spreads we own in SPY. The market is down sharply the last few sessions. We feel this is an opportunity to get out at a smaller loss overall on our hedges. Exited both (2 contracts) of the SPY 490/460 put spread Sell to close: SPY May 17th (monthly) 490.00 strike put (2 contracts) Buy to close: SPY May 17th (monthly) 460.00 strike put (2 contracts) Credit: 3.90 – this order has filled Exited only 1 of 2 contracts of the SPY 485/465 put spread Sell to close: SPY May 17th (monthly) 485.00 strike put (1 contract) Buy to close: SPY May 17th (monthly) 465.00 strike put (1 contract) Credit: 2.50 – this order has filled We don’t likely need to make any adjustments today through expiration. The three (3) we are watching most closely are shown below. DELL April 19th (monthly) 120.00 strike call As long as the stock finishes below 120/share, the calls will expire for a profit. GM April 19th (monthly) 43.00 strike call As long as the stock finishes below 43/share, the calls will expire for a profit. AMGN April 19th (monthly) 270.00/267.50 bear put spread As long as the stock finishes below 267.50/share, the puts will both exercise and offset (same day substitution). No adjustment is required and the result will be a max profit in the spread. If the stock rebounds above 267.50/share today, then we will need to exit the trade.