DailyPlay – Portfolio Review – February 20, 2024

DailyPlay Portfolio Review

Investment Rationale

Following a recent double top in the S&P500 and Nasdaq, we are experiencing a pullback to lower levels. We should see, within the next few days, if the market finds support around its current levels, or if it will have a larger pullback. With the general market expecting to see rate cuts later this year, rather than in March, this has a partial impact on the larger market.

As we are monitoring the immediate direction of the market, there are no opening or closing trades for today.

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 trending well and we added further exposure to the initial trade. A break above $55 would likely indicate further upside.

NEM

Bullish Calls. This new trade was established as an attempt to call a bottom in Newmont. With this trade at 13% profit, we expect to see a continuation of this uptrend.

NOC

Bullish Debit Spread. We added another 2 contracts to our NOC trade as this trade was performing well as the price had broken above the $450 level. We expect NOC to continue higher and to close the gap towards $460.

ORCL

Bullish Debit Spread. This trade was essentially a free debit spread as we had rolled up and out from the previous ORCL trade. We will monitor this trade to see if any adjustments need to be made.

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.