Closing Trade (CVS, LEN) – Friday, Nov 8th, 2019

DailyPlay Positions Outlook:

After breaking above its major resistance level of $302.50, SPY has continued to grind higher but is approaching overbought. We believe that the market has already priced in a trade war resolution and may consolidate back towards its support level. We are taking this opportunity to reduce our long exposure in (LEN) and take profits on stocks that have reached overbought (CVS). 

Closing Trades

• CVS – 109% Gain: Long Dec 13 66/72.5 Call Verticals @ $4.67
• LEN – 57% Loss: Long Dec 20 60/65 Call Verticals @ $0.82

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