Trade Alert 5/7/2024

We still have covered call in our old Trading Mentors program. But this trade alert below will essentially close all of our shorter-term trades. We will continue to update the covered calls and wrap up the old program at May 17th options expiration. We are closing the call butterfly spread we own in SPY. It has moved up toward the 520/share price target. And we still have a couple of weeks until expiration. Which means it is highly likely to move away from this range. We would/could stay in if we feel that price will continue to come back to this 520/share range in the future. We suspect that a short-term top will be set soon and that another down leg will happen overall. However, while we feel confident about that outlook, the timing is hard to get right. Sell to close:  SPY May 17th (monthly) 510.00 strike call (ratio of 1) Buy to close: SPY May 17th (monthly) 520.00 strike call (ratio of 2) Sell to close:  SPY May 17th (monthly) 530.00 strike call (ratio of 1) Credit:  3.66 Profit of +1.25 or +$125.00 per spread traded