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DailyPlay – Portfolio Review – June 12, 2024

DailyPlay Portfolio Review

Investment Rationale

We get a double whammy today with CPI at 8:30AM and Fed decision at 2PM EST. Expectations are for inflation to continue to improve towards the Fed’s 2% target and for the Fed to keep interest rates steady. However, what will likely move markets will be the language from Chairman Powell’s speech or if we get a surprise from the CPI print. With such potential volatility today, we will continue to hold our DailyPlay positions that have continued to improve nicely. 

Our Trades

ADBE – 37 DTE

Bullish Credit Spread – Earnings are slated for Thursday PM and now sitting just above its $460 support, will consider closing before earnings event. 

DHI – 23 DTE

Bearish Debit Spread – Just broke below its key $140 major support with poor relative performance, we’re targeting low $120’s on further downside. 

HD – 65 DTE

Bearish Debit Spread – Starting to break above its $335 resistance level, further upside would warrant cutting losses on this trade. 

KR – 23 DTE

Bearish Debit Spread – Now within $1 of filling its gap at $50.60, with extended targets of $47 to the downside.

NKE – 9 DTE

Bullish Debit Spread – Sitting just above below our $96 support/resistance, looking for a continuation towards $100 upside target.

RACE – 37 DTE

Bearish Debit Spread – We’re looking for a continuation lower towards our $400 support and a breakdown to the $390 downside target.

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Tony Zhang