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DailyPlay – Portfolio Review – January 29, 2024

DailyPlay Portfolio Review

DailyPlay Update

Welcome to our new DailyPlay service which includes regular portfolio updates, detailed trade thesis, and updated trading scans. Based on today’s scans, we are monitoring two potential short positions in technology names that report this week. As part of our improved service, we will ONLY establish new positions when all technical, fundamental, and liquidity criteria are met. As of this morning, the technical levels have not yet been triggered so we are not entering a new position this morning while we are providing an overview of the existing portfolio. 

Our Trades

GE

Bearish credit spread. As this is a credit spread, time decay is working in our favor. Price very close to the $130 short strike so we will continue to keep this open. If price remains neutral, we will look to close this trade near breakeven. 

JNJ

Long call (bullish). JNJ dipped below $160 on Friday and we will continue to monitor this position to see if it breaks over this level. We do see signs of a reversal higher with price finding support at the $158 level. This trade will likely be closed this week. 

ORCL

Bullish debit spread. We rolled ORCL last week to extend our gains on this trade. We expect to see a continuation of its bullish trend. With 46 DTE, we will be keeping this trade open for now. Please note that the unusually high profit % is based off of a cost basis of $0.01 as we rolled the previous ORCL trade and used the profits generated to fund the new ORCL debit spread. 

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. 

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Tony Zhang