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DailyPlay – Closing Trade (KR) – June 13, 2024

Investment Rationale

Yesterday’s economic data was a roller coaster for investors. CPI came in cooler than expected and bonds and equities rallied across the board with sizable gains, however the Fed struck a hawkish tone and suggested only 1 rate cut was expected for 2024. Bond and equity markets largely shrugged off the Fed’s rhetoric and continues to price in 2 cuts for 2024. This becomes challenging as it’s difficult to fight the clear bullish trend, but we’re fighting the Fed. We’re going to close out our KR short position for a profit and reducing our short exposure significantly before the end of this week, given the strength of the market. 

Closing Trade

  • KR – 69.06% gain: Sell to Close 17 Contracts (or 100% of your Contracts) July 5th $53/$49 Put Vertical Spreads @ $2.35 Credit. DailyPlay Portfolio: By Closing all 17 Contract, we will receive $3,995. We opened these 17 Contract on May 28 @ $1.20 Debit. Our average gain, therefore, is $115 per contract, with a total gain of $1,955.

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Tony Zhang