Hello Investors,
Today we took profits on our current short call position in SPY. The market has pivoted higher (making a higher daily high then yesterday). We see this reversal as further signal that markets aren’t quite ready to move lower. So, we will take profits on this position today and have less risk into its expiration tomorrow. The result is we have locked in 70% of the potential profit in the trade!
Buy to close: SPY May 8th (weekly) 293.00 strike calls (closes out the trade and locks-in most of the profit)
We will likely send another trade update tomorrow as the ABBV-AGN merger is set to close!
Have a nice day!