DailyPlay – Portfolio Review – February 15, 2024

DailyPlay Portfolio Review

Investment Rationale

After Tuesday’s CPI print and a volatile trading session, markets have already started to shrug off rate cut expectations. Despite bond markets now shifting a rate cut in July, the S&P looks ready to reclaim $5,000 again and continue grinding higher. Despite Tuesday’s selloff having hurt our long positions, we are going to maintain our current positions and look for equities to continue its melt-up. 

Our Trades

BA

Bullish Debit Spread. Boeing continues to consolidate but stays within a trading range. Our trade is structured to profit from a potential breakout above this range towards its $240 gap fill. We are still waiting for the breakout and will monitor this position closely. 

C

Bullish Calls. This trade was opened yesterday and is trending well after our initial entry. If C gets above $55, we will look to add further exposure to this trade by opening more contracts.

NEM

Bullish Calls. This new trade was established as an attempt to call a bottom in Newmont. With the drop in the S&P500 and equities, this trade closed lower yesterday and we expect to see a speedy recovery to the upside.

NOC

Bullish Debit Spread. We added another 2 contracts to our NOC trade as this trade was performing well as the price has broken above the $450 level. We expect NOC to bounce back above this level and to continue higher.

ORCL

Bullish Debit Spread. This trade was essentially a free debit spread as we had rolled up and out from the previous ORCL trade. It is currently trading around break-even and we expect a continued bullish trend.

RSP

Long-term play on the S&P Equal Weighted Index. Price consolidated in the last 2 weeks but showing bullish price action at the $155 level. We will continue to hold this position.