The market has reached a euphoric stage, decoupled from fundamentals and rising on momentum and sentiment. While this is not a bearish signal, they are typically followed by violent pullbacks. We take this rally to cut any losses on our positions and protect our profitable trades and ones getting closer to expiration.
- ATVI – 8% Gain: Long May 17 45/55 Call Verticals @ $3.98
- FIS – 3% Gain: Long May 17 110/120 Call Verticals @ $3.25
- WFC – 47% Gain: Long May 31 47.5/50.5 Call Verticals @ $1.13
- XOM – 60% Loss: Long May 17 80/87.5 Call Verticals @ $0.97
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